MONDAY, NOVEMBER 17, 2008

Grubb & Ellis agrees to sell Congress Center for $130M

by Drew Smith
Chicago

FSP Congress Center, LLC, an affiliate of Wakefield, Mass.-based Franklin Street Properties has agreed to purchase the Congress Center in downtown Chicago, Ill., for $130 million from Grubb & Ellis Realty Investors.

The 16-story tower is located in Chicago's West Loop at 525 W. Van Buren St. It contains 522,000 square feet and was built in 2001. According to SEC filings, FSP will assume $97.5 million in debt that will mature in 2014.

Current tenants of the property include Amtrak Government Affairs, Institute of Food Technologies, National Railroad Passenger Corporation and the U.S. Secret Service.

Triple Net Properties acquired the building in 2003 and Grubb & Ellis assumed the building when it merged with Triple Net's parent company, NNN Realty Advisors.

Address: 525 W. Van Buren St., Chicago, Ill.

Size: 522,000 square feet

Built: 2001

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