Transwestern Real Estate Services has recently acquired 181 West Madison, a 50-story office tower in the Chicago Loop. The property was previously owned by SinOceanic I Ltd., but after purchasing MB Real Estate earlier this year, Transwestern took over management and leasing responsibilities for the building.
Mark Buth, Executive Vice President and Managing Director of Leasing at Transwestern, expressed excitement about the acquisition stating that with a stable owner in place, he is confident that 181 West Madison will outperform its Class A competition in the area. Buth oversees leasing efforts along with Associate Broker John Nelson.
Developed by J. Paul Beitler and Lee Miglin in 1990, this impressive office tower spans over 952,559 square feet and is currently leased to approximately 87% capacity. In addition to its prime location within Chicago’s business district,the property also boasts recent updates such as a renovated tenant lounge completed earlier this year.
In May of this year,SinOceanic I Ltd., who owned the building at that time,faced financial difficulties which resulted in an unpaid $185 million judgment against them.As part of their bankruptcy proceedings,a judge ordered them to hand over ownership ofthe propertyto SL Green Realty Corp.However,this did not deter Sinoceanic from making strategic investments like acquiringthis iconic tower on West Madison.The post Sinoceanic I Ltd.Purchases50-Story Tower onWestMadison appeared first on Connect CRE.
