German real estate asset manager Deka Immobilien has purchased an office property in Chicago for $169 million from Sterling Bay and JP Morgan Asset Management for its Deka-ImmobilienMetropolen open-ended real estate fund.
The high-quality office building “210 NC” at 210 North Carpenter Street in Chicago, Illinois, was completed in 2019.
It comprises more than 19,000 square meters of lettable space and 44 parking spaces. It is fully and long-term used by six parties, with Google LLC being the main tenant.
The 12-story building is centrally located in Chicago’s Fulton Market submarket. The district to the west of the Central Business District is regarded nationwide as a successful example of urban development. The revitalization of historic department stores and factories as well as new developments has created a lively district for working, living and leisure use with very good transport connections, which has become a popular location, especially for tech companies.
Deka said, with the purchase in the U.S., the fund management realizes the first non-European investment for Deka-ImmobilienMetropolen.
”On the one hand, it relies on secure long-term cash flow and the strengths of a class A green building in one of the most dynamic markets in the U.S.,” said the company in a press release.
Last year German real estate firm had acquired a Class A, 98,000-square-foot office building in Chicago from Thor Equities.
With around 9.5 million inhabitants, Chicago is the third largest metropolitan area in the U.S after New York and Los Angeles.