NEW YORK, April 18, 2014 /PRNewswire/ -- Sumitomo Corporation of Americas (SCOA) announced today the acquisition of 203 North LaSalle, an office building in the heart of Chicago's Central Loop District. This transaction marks SCOA's first acquisition in Chicago, a market that the company is targeting for more investment in the future.
The unique acquisition within a trophy-class building comprises 581,107 square feet (sf) of office space within a 27-storey class A mixed-use building. The office sale transaction did not include the retail space on the first and second floors, nor the 10 levels of parking.
"Sumitomo has been active on the coasts for years, and has always viewed Chicago as a world-class city," comments Tomonri Wada, Senior Vice President, Living Related Business Group, Sumitomo Corporation of Americas. "We have been looking for the right opportunity to invest in Chicago and hope to increase our presence here."
The 29-year old 203 North LaSalle site is one of downtown Chicago's premier buildings, due to its central location and an array of features and amenities that appeal to today's tenants. Locational factors include direct access to the Clark and Lake Chicago Transit Authority (CTA) station and the Loop-spanning underground pedestrian walkway. The property has also achieved LEED Gold certification and an Energy Star label signifying the building's superior energy efficiency.
203 North LaSalle's tenancy includes DLA Piper, the University of Phoenix and Masuda Funai. Sumitomo intends to make improvements to the lobby and elevators and install amenities such as a fitness center for tenants. Avison Young will serve as the exclusive leasing agents for the office tower.
Last year, SCOA bought an office building in the center of downtown San Diego and aggressively plans to continue to acquire office properties in growing markets in the US. Sumitomo has acquired and sold commercial buildings in cities including New York, Washington D.C., Honolulu, Los Angeles, Miami, San Francisco, Phoenix and Tempe. In addition to office properties, SCOA invests in residential developments such as master planned communities and multi-family apartments.
About Sumitomo Corporation of Americas
Established in 1952, and headquartered in New York City, Sumitomo Corporation of Americas (SCOA) has 10 offices in major U.S. cities. SCOA is the largest subsidiary of Sumitomo Corporation, one of the world's leading traders of goods and services. As an integrated business enterprise, the firm has emerged as a major organizer of multinational projects, an expediter of ideas, an important international investor and financier, and a powerful force for distribution of products and global communications through a network of offices worldwide. For more information visit www.sumitomocorp.com.
SOURCE Sumitomo Corporation of Americas