Prudential Real Estate Investors has acquired 22 West Washington Street, a class-A office building located in downtown Chicago’s Central Loop, for $183.5 million. PREI, acting on behalf of institutional investors in its core real estate fund, is the real estate investment management and advisory business of Prudential Financial Inc.
PREI acquired the property from a joint venture between BlackRock and Golub & Company. Golub and Company will remain the property manager.
The 17-story building, which contains 439,434 sq. ft. of usable space, is located directly across the street from Daley Plaza. It houses the corporate headquarters of Morningstar and the local CBS television affiliate. Completed in 2008, the building is fully leased.
“We believe 22 West Washington is a perfect example of the kind of high-quality core office property that is going to provide a stable cash return over the long-term for our investors,” Catherine Marcus, a managing director and portfolio manager for PREI, said in a statement. “The low-risk profile of this class-A property contributes to the attractive risk-adjusted return and fits in nicely with our broader strategy in the current market environment.”