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
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.
