Multifamily N Illinois

JLL arranges $305M sale of 175 W. Jackson in Chicago’s Loop

JLL arranges $305M sale of 175 W. Jackson in Chicago’s Loop,ph1

175 West Jackson, a 1.43 million-square-foot, Class A tower in Chicago’s Loop has sold for $305 million. JLL represented the seller, an ultra-high net worth European family advised by Extell Development, in the sale to a Brookfield-sponsored private real estate fund.

International director Bruce Miller and managing director Nooshin Felsenthal led the JLL team handling the assignment. “The timing of the opportunity was excellent as 175 West Jackson is positioned to benefit from the billions of dollars of investment in surrounding projects,” said Felsenthal.

Built in 1912 and designed by famed Chicago architect Daniel H. Burnham, 175 West Jackson provides tenants easy access to public transit and is one block from the Brown, Red, Blue, Pink and Purple “L” lines. The building is also walking distance to Chicago Union Station and Ogilvie Transportation Center, the city’s main commuter rail hubs. The building’s amenities include rooftop decks, a conference center and a recently renovated, state-of-the-art fitness center.

“The next stage of 175 West Jackson’s life as a progressive downtown Chicago work environment will be exciting to see,” Miller said. “Brookfield is a globally recognized asset manager with a stellar reputation and an innate ability to find and execute value-add strategies that redefine buildings.”