Gerling Elden, Mets Owners Strike $168M Deal for 200 W Adams
The Mets may have lost a heartbreaker in Game 1 of the World Series last night, but the team's owners still woke up winners this morning. A JV led by Fred Wilpon and Saul Katz sold 200 W Adams to an Oregon developer for $200M.
Wilpon and Katz's company, Sterling Equities, and Lincoln Property bought the 32-story building for $113.8M in 2006. The sale to Gerling Elden Development marks a 50% return on the JV's investment, according to Crain's. That return would have been unthinkable a few years ago. Wilpon and Katz faced a potential loan default on the property and lawsuits filed by investors who lost money through Bernard Madoff's Ponzi schemes.
The sale is the latest nine-figure deal in the CBD and keeps Chicago's year-to-date office sales on pace to shatter the record $5.3B set in 2006. [Crain's]
