Shidler Group, a Honolulu-based commercial real estate investment firm, acquired the 22-story Borg-Warner Building at 200 S. Michigan Ave. in Chicago's East Loop from Equus Capital Partners for $69 million, or about $193 per square foot.
The 357,777-square-foot, 4-Star office building underwent a multimillion dollar renovation in 2001 following Equus Capital Partners' acquisition of the property on behalf of BPG Investment Partnership V, a $225 million private equity fund. In 2002, the building earned a TOBY in the Renovated Building Category by the Chicago Chapter of the Building Owners and Management Association (BOMA).
The complex is currently 89% leased to a tenant roster that includes RTKL Associates, Howard & Howard Attorneys and Johnson Publishing Co., Starbucks, Potbelly Sandwich Works and Panda Express.
The buyer represented its own interests in the transaction, while Bruce Miller and Nooshin Felsenthal of JLL represented Equus Capital Partners.
Please see CoStar COMPS #2957080 for more information on this transaction.