Prudential Plaza, a pair of landmark Chicago skyscrapers, has sold for $470 million. The 2.2 million sq. ft. office campus was bought by BentleyForbes Group. The properties, which occupy an entire city block, are located in Chicago’s East Loop district.
BentleyForbes acquired the property from San Francisco-based Shorenstein Properties, a private real estate firm that owns and operates office buildings. This now represents BentleyForbes’ largest single property acquisition by dollar value.
“We have reached the next level of our company’s strategic investment program through this acquisition,” says C. Frederick Wehba II, vice chairman and co-founder of BentleyForbes.
“In the past few years, the size and scope of our investment target has shifted to large, multi-tenanted Class-A office properties in major-metro CBDs. The acquisition of Prudential Plaza reaffirms our commitment to this strategy and the growth of our capital resources in terms of completing large, institutional quality transactions.”