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Prudential Plaza office complex in Chicago to sell for over $850M

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Prudential Plaza office complex in Chicago to sell for over $850M

Chinese multinational automotive components manufacturer Wanxiang Group Corp.'s U.S. division, property investor Sterling Bay and a Blackstone Group LP affiliate are teaming up to buy the Prudential Plaza office complex in downtown Chicago for a price that could surpass the $850 million mark, Hotel Real Estate News reported March 28, citing CMBS documents.

CoStar News reported the same day that current borrower of the property's loan, SL PRU LLC, has asked its lender to approve the sale of the office to an entity called Wanxiang Sterling Stetson Owner, which will also assume the related debt on the asset, and to change the manager of the 2.3 million-square-foot complex to Sterling Bay Property Management from Jones Lang LaSalle.

The seller group includes affiliates and individuals associated with 601W Cos., Berkley Properties LLC and Colony NorthStar Inc., CoStar added, citing Moody's.

Sterling Bay was reported to be acquiring the two-tower Prudential Plaza for roughly $680 million in July 2017, while the asset's owner 601W was also in talks with other potential buyers at the time. The asset encompasses the 41-story One Prudential Plaza building offering 1.25 million square feet of area and the 64-story Two Prudential Plaza featuring 1.02 million square feet of space.