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Key Points
Office giant 601W Companies acquired the 525 West Van Buren Street office tower for $35 million, securing a $26 million bridge loan from Sheridan Capital. This price represents a significant discount from the $135 million paid by the previous owner, AEW Capital Management, in 2015.
The acquisition, for a high-vacancy (36% leased) property, is a discounted play adjacent to 601W's Old Post Office redevelopment and fits the firm's strategy of repositioning distressed assets, with Sheridan Capital positioning itself as a go-to bridge lender in Chicago's challenging office market.