Wrigley Building Deal Demonstrates Investor Interest in Chicago
September 21, 2011
By: H. Lee Murphy

A consortium’s acquisition of the Wrigley Building earlier this week is just the latest trade involving an iconic Chicago asset and demonstrates that the city’s downtown office buildings remain hot assets for investors. ...

... “Most of the buildings that are selling today are of institutional quality and are well leased, with limited amounts of tenant rollover in the near term,” says Joseph Learner, an executive vice-president with Studley. ...

... “Three First National was built in the 1980s and has stood the test of time,” says Learner. “Other buildings from that era have grown to look tired and have required major face-lifts since. But Three First was constructed of first-class materials and has maintained a class-A ranking. That’s what institutional money wants in Chicago: stabilized buildings that can withstand the passage of time.” ...

Link to article