Igal Namdar And Elliot Nassim Acquire 57-Story Office Tower In Chicago For $85 Million

The property involved in this transaction is a 57-story office tower located at 70 West Madison Street in Chicago's Loop. The asset is being acquired for $85,000,000 and encompasses a total square footage of 1,400,000, resulting in a price per square foot of $61. Currently, the property is 68% leased, and it faces some challenges regarding occupancy and financing.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $85,000,000
• Address: 70 West Madison Street
• Market: Chicago
• Square Footage: 1,400,000
• Price per Square Foot: $61
• Buyer: Igal Namdar - Namdar Realty Group; Elliot Nassim - Mason Asset Management
• Seller: Hearn, GEM Realty Capital & Farallon Capital Management
• Broker Representatives: Arthur Johnson, John Saletta, Blake Johnson & David Knapp - CBRE

The key individuals in this transaction include Igal Namdar and Elliot Nassim representing the buyers, while the sellers consist of Hearn, GEM Realty Capital, and Farallon Capital Management. The brokers facilitating this deal are Arthur Johnson, John Saletta, Blake Johnson, and David Knapp from CBRE. The property is in talks for acquisition, significantly below its 2014 valuation, amidst challenges including a missed loan payment leading to Bank of America pursuing foreclosure.