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Key Points
Swiss insurer Zurich purchased the 32,000-square-foot office building at 1020 West Randolph Street in Chicago's Fulton Market, anchored by Live Nation, from L3 Capital for $18.1 million.
This Chicago deal is Zurich's third boutique office acquisition this year, following purchases in Denver's Cherry Creek area ($52 million) and Cambridge, outside of Boston, as part of a strategy to invest in vibrant, high-traffic markets.
The seller, L3 Capital, bought the property in 2019 as part of a larger deal for over $19 million, renovated it using a $13.8 million loan, and is noted as a serial investor in Fulton Market, with holdings in other major U.S. cities.