Sullivan Center

Location:

Chicago, IL

Acquisition Date:

April, 2016

Size:

1,009,769 square feet

Asset Type:

Office and Retail

Opportunity:

Madison acquired the fee simple interest in the property, located in the center of the Chicago CBD. The long term investment strategy was to lease the existing vacancies and increase rents upon tenant lease expirations. Madison sold the investment in March 2018.

Acquisition Cost:

$285.0 million

Exit Value:

$322.9 million

Equity:

$70.6 million

Realized Equity:

$118.6 million

Gross IRR:

49.2%

Gross Equity Multiple:

1.7x