Beacon Capital Strategic Partners III has purchased 222 South Riverside Plaza, a 35-story, 1.1 million sq. ft. West Loop Chicago office tower for roughly $200 million.
The seller was VEF Advisors LLC, an affiliate of Apollo Real Estate Advisors LP, and the JBC Fund I of The John Buck Co. The sale marks the first major transaction since Apollo purchased its interest in the VEF Fund series from Lend Lease Corp. in March 2004.
The 33-year-old property has recently undergone extensive renovations and was 92% leased at sale. The lead tenants included Deutsche Bank, Synovate and Contigroup Cos. In addition to 222 S. Riverside Plaza, the joint venture also sold an adjacent three-story, 77,000 sq. ft. health club at 444 W. Jackson.