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Groupon’s Home, Former Montgomery Ward Catalogue Building at 600 W. Chicago Ave Is Selling at a Premium to CommonWealth REIT

Thu February 24 2011 9:40 pm  http://www.arlingtoncardinal.com/?p=38406
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Interview with Eddie Baeb, Senior Reporter Crain’s Chicago Business. Sources tell Crain’s that 600 W. Chicago Ave. is about to change hands for a hefty premium over what the sellers paid just four years ago. Distributed by Tubemogul.

The former Montgomery Ward catalogue building and home of Groupon’s headquarters at 600 West Chicago Avenue is reported to be going for $390 Million — up 35% from its previous sale. The building is popular and the neighborhood is popular. The building was one of Rahm Emanuel’s first campaign stops.

What drove the price up?

The building is well ‘leased up’ — 98%. The neighborhood gets nicer and nicer.

The seller got unsolicited offers for the building. Investors like good solid cash flow in well-leased buildings.

The buyer is CommonWealth REIT, a real estate investment firm out of Newton, Massachusetts near Boston.


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See also …
chicagobusiness.com

CommonWealth REIT — official site



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