The headquarters of Groupon at at 600 W. Chicago Ave. in Chicago traded hands this month for $390 million according to a Chicago Sun-Times article. Commonwealth REIT purchased the former Montgomery Ward catalog building from 600 West Chicago Associates LLC and assumed the existing financing. CoStar reports that affiliates of Angelo, Gordon & Co. sold 600 W. Chicago for $288.9 million or $184 per square foot in March 2007. HFF marketed the property on behalf of the seller, 600 West Chicago Associates LLC; HFF arranged the prior financing in 2007 and also arranged the $180 million in financing on the property for the previous owners in 2005.
600 West Chicago was originally built in 1908 and completely redeveloped in 2001 as a 1.5 million square foot mixed-use property. The property was reportedly 94% leased at the time of purchase with major tenants including Groupon, Wrigley, Fox Sports, Level 3, Japonais Restaurant and David Barton Gym.
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