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$72 Million Deal for Chicago Loop Office Tower Closes on Time
Chicago-based Prime Group Realty Trust (NYSE:PGEPRB) has closed on the $72.25 million sale of the 39-story 180 North LaSalle Street office tower in Chicago's prime Loop district.
The buyer is 180 N. LaSalle Realty LLC, a private entity indirectly controlled by Michael Silberberg of Nanuet, New York.
Please see related Real Estate Channel posting:
- Small New York Firm Picks Off 39-Story Chicago Office Tower for Discounted $72 Million, Mar. 12, 2010
After closing adjustments and costs, the seller received net proceeds of about $12.4 million. The Seller's estimated GAAP (Generally Accepted Accounting Principles) gain on the sale is about $8.5 million.
Jeffrey Bramson and Jaime Fink of Holliday Fenoglio Fowler, L.P.'s Chicago office negotiated for Prime Group Realty Trust.
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