David Blumberg Of The 601W Companies Acquires Office Building In Chicago For $35M

The asset involved in this transaction is an office property located at 525 West Van Buren Street in the Chicago market. The sale occurred for a price of $35,000,000 and encompasses a total square footage of 516,000, resulting in a price per square foot of $68.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $35,000,000
• Buyer: David Blumberg - The 601W Companies
• Seller: Jeffrey D. Furber - AEW Capital Management
• Lender: Aaron Kurlansky - Sheridan Capital
• Financing: $26,000,000 bridge loan from Sheridan Capital

The transaction was notable as 601W Companies acquired the largely vacant property, marking a significant drop from its 2015 value. This acquisition positions 601W Companies in proximity to its Old Post Office redevelopment project, while Sheridan Capital emphasizes its focus on complex bridge loans amid a distressed office market.