"We invested in 311 South Wacker because it grants us an extraordinary opportunity to own a Class A office building in one of the most diversified economies in the nation. This exceptional property is of outstanding quality in a superb location, and matches up with the top new office towers in Chicago" said Mark Karasick.
J.F. McKinney & Associates has been appointed as the exclusive marketing and leasing agent for the project, while CB Richard Ellis will continue to provide property management. "This is a remarkable building and we are excited about the opportunity to lease such an established icon. With more than 350,000 square feet of available Class A space, 311 South Wacker appeals to a wide range of tenants seeking premier office space, breathtaking views, and outstanding amenities." said Brian Whiting, Senior Vice President of J.F. McKinney & Associates, Ltd.
This experienced investment team has also collaborated on other ventures that includes partnerships between Fremont and Shorenstein that have developed and owned major office buildings in San Francisco. Previously, Karasick and Shorenstein partnered in the ownership of major buildings in New York and Washington D.C. Karasick also owns 550 West Jackson and Shorenstein currently owns The John Hancock Center and 500 West Monroe.
About the Partnership
Mark Karasick is an experienced and successful purchaser of large office buildings in major US cities. Within the past five years alone, Mr. Karasick together with various partnerships has acquired approximately 10 million square feet of real estate throughout the New York region and the nation.
Fremont Realty Capital is a real estate private equity company that invests in joint ventures with leading operating partners across all real estate sectors both domestically and abroad. The company's investment strategy includes opportunistic and value added property acquisitions, developments, and re-development projects. Fremont has made investments in numerous sectors including office, industrial, retail, multifamily, hotels, senior housing, student housing, cold storage, self storage, and land. In 2005, Fremont consummated $2.5 billion of real estate transactions across the Unites States, the Caribbean and Western Europe. Fremont invests in individual real estate projects and portfolios as well as public and private real estate operating companies and has offices in San Francisco and New York.
San Francisco-based Shorenstein Properties LLC (www.shorenstein.com) is one of the oldest and most successful private real estate investment companies active throughout the United States in the acquisition, development, ownership and management of high quality office properties. Since its beginning in 1924, the company has evolved from a regional real estate operating company to an active national investor and manager of commingled institutional capital. Since 1992, Shorenstein has sponsored eight closed-end real estate investment funds. Shorenstein's substantial co-investment, integrated investment and operating strategy and strong performance have positioned the company as an experienced leader in the value-added arena. Shorenstein also owns Chicago properties The John Hancock Center and 500 West Monroe.
© 2006 Business Wire
