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 facing financial difficulties and bankruptcy, it is now under the ownership of Transwestern. This acquisition adds to Transwestern’s growing portfolio in the area, as they also purchased MB Real Estate earlier this year.
Mark Buth, Executive Vice President and Managing Director of Leasing at Transwestern, expressed his confidence in the onsite team to continue successfully managing and leasing 181 West Madison. Currently at an impressive occupancy rate of 87%, Buth believes that with a stable owner like Transwestern behind it, this Class A building will outperform its competitors.
Developed by J. Paul Beitler and Lee Miglin in 1990, this iconic building has recently undergone updates including renovations to its tenant lounge. However,the property faced some challenges when Chinese investment conglomerate Sinoceanic I Ltd., who owned it at the time,faced bankruptcy proceedings due to an unpaid $185 million judgment.This resulted in a court-ordered transfer of ownership to SL Green Realty Corp.
Overall,this recent acquisition further solidifiesTranswestern’s presence as one of Chicago’s top real estate firms,and their commitmentto providing exceptional properties for tenantsin prime locations such asWest Madison Street.
