Office N Illinois

R2 Companies and Walton Street Capital sell West Loop office portfolio for $65 million

130 S. Jefferson Street, Chicago. 130 S. Jefferson Street, Chicago.
901 W. Jackson Boulevard, Chicago. 901 W. Jackson Boulevard, Chicago.
641 W. Lake Street, Chicago. 641 W. Lake Street, Chicago.

A joint venture headed by Chicago-based Heitman has acquired a three-building portfolio in Chicago. Comprised of vintage loft office buildings in the West Loop, the collection of properties sold for approximately $65 million.

The transaction occurred last week, according to a report by Crain’s. The sellers, R2 Companies and Walton Street Capital, purchased the properties in 2016 as part of a larger, $86 million portfolio that included loft office and downtown properties. The two companies have now sold all but one of the properties in the original portfolio for more than $114 million.

The three buildings in this sale include the 54,000-square-foot 901 W. Jackson Boulevard, the 108,000-square-foot 641 W. Lake Street and the 6,800-square-foot 130 S. Jefferson Street. The properties, which are 90 percent leased, have undergone $5 million in capital improvements to the lobbies, corridors, washrooms and amenities.