KBS Real Estate Investment Trust III recently made a big bet in the Chicago market, closing the purchase of the 1.5-million-sq.-ft. Citigroup Center building, which sits atop the Ogilvie train station in the city’s West Loop, for $425 million. A venture of Stamford, Conn.–based GE Asset Management and German investors was the reported seller. A spokesman for GE did not return a request for comment on the deal. The building at 500 W. Madison is 93 percent occupied and includes ...

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