2/18/2008

Chicago's Citicorp Plaza brings $100M

by

Citicorp Plaza

Parkway Properties, Inc. has purchased the three-building Citicorp Plaza near O'Hare International Airport in Chicago for $100 million from Apollo Real Estate Advisors.

The property was marketed by Paul Lundstedt of Cushman & Wakefield.

The three interconnected buildings are situated on 11.5 acres at 8410-8430 Bryn Mawr Ave. and contain 600,000 square feet. They were completed in phases between 1980-1982 and are currently 86.7 percent leased to 35 customers. The 11-story office towers sold with a 5.8 percent capitalization rate and include a three-story parking facility.

Parkway Properties operates real estate investment trusts specializing in owning, operating and leasing office properties. The company currently holds an interest in 69 properties in 11 states.

Apollo Real Estate Advisors is an international real estate fund management firm.

Address: 8410-8430 Bryn Mawr Ave., Chicago, Ill.

Size: 600,000 square feet

Built: 1981

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Filed Under: Office

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