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George Armoyan Of Clarke Incorporated Acquires Chicago-Area Office Properties For $1.1 Billion From Ravelin Properties

Property Image
SOLD
$1,100,000,000

Illinois

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Office
Sold 06/06/2026
the dealdetailscomps
Property Image
SOLD

George Armoyan Of Clarke Incorporated Acquires Chicago-Area Office Properties For $1.1 Billion From Ravelin Properties

120 S La Salle St, 20 South Clark Street & 275 North Field Drive

See Similar Deals
Office
Sold 06/06/2026
the dealdetailscomps

Summary

ILLINOIS
Asset Type:Office
Transaction Type:Sale

The transaction involved three office properties located at 120 South LaSalle Street, 20 South Clark Street in Chicago, and 275 North Field Drive in Lake Forest, Illinois. The deal was completed for a total of $1,100,000,000. This acquisition consolidates control of these assets under Clarke Incorporated, owned by Canadian investor George Armoyan.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $1,100,000,000
  • Buyer: George Armoyan - Clarke Incorporated
  • Seller: Ravelin Properties
  • Market: Chicago & Lake Forest, IL

Canadian investor George Armoyan executed this deal through his firm Clarke Incorporated, acquiring the properties as part of a takeover of Toronto-based Ravelin Properties. The transaction followed a distressed unwind after Ravelin defaulted on debt related to the assets, leading Armoyan to buy up its loans through G2S2 Capital and convert creditor positions into full ownership.

Details

SOLD
IMAGE: George Armoyan DATE: 06/06/2026 ADDRESS: 120 South La Salle Street, 20 South Clark Street & 275 North Field Drive MARKET: Chicago & Lake Forest, IL ASSET TYPE: Office BUYER: George Armoyan - Clarke Incorporated SELLER: Ravelin Properties SALE PRICE: $1,100,000,000 NOTE: Canadian investor George Armoyan, through Clarke Incorporated, consolidated control of three Chicago-area office properties — including 120 South LaSalle and 20 South Clark in the Loop and a Lake Forest asset — as part of a $1.1 billion takeover of Toronto-based Ravelin Properties.The deal follows a distressed unwind after Ravelin defaulted on debt tied to the assets, with Armoyan previously buying up its loans through his firm G2S2 Capital before converting creditor positions into full ownership, positioning the buildings to operate debt-free amid a broader trend of well-capitalized landlords taking over struggling office portfolios.

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$3,908,067.65
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