Clal Insurance buys Chicago building - Israel Business, Ynetnews

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Chicago, Illinois Photo: AP
Chicago, Illinois Photo: AP

Clal Insurance buys Chicago building

Company owned by IDB Group to pay $221 million for 40-story office building in heart of West Loop business district together with Harbor Group International

Benny Barak
Published: 12.14.12, 13:03 / Israel Business

Clal Insurance Enterprises Holdings, together with Harbor Group International, is buying a luxurious 40-story office building in the heart of Chicago's West Loop business district.


The companies will pay $221 million for the building, while the total cost of the deal is valued at $258 million.


Clal will own 49% of the property.


The deal will be financed through a five-year loan of $165 million from Wells Fargo.


Clal's share of the buyers' $93 million investment in the purchase is about $46 million.


Harbor Group acquires properties for profitable commercial real estate investing, mostly in the United States.



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