SOURCE: American Realty Advisors

October 02, 2007 21:14 ET

American Realty Advisors Acquires 150 North Wacker Drive in Chicago, Illinois

GLENDALE, CA--(Marketwire - October 2, 2007) - American Realty Advisors announced today that it has acquired 150 North Wacker Drive, a thirty-one story, 233,225 square foot office building located on the east bank of the Chicago River in the prestigious West Loop submarket, historically the strongest submarket in the Chicago Central Business District ("CBD"). The property features an attractive river-level patio, building conference room, sundry shop, and a 150-car valet parking garage. The property is strategically located one block from Ogilvy Northwestern Station and two and a half blocks from Union Station, providing quick and convenient transportation to downtown Chicago. This transaction was completed on behalf of one of American's commingled funds.

Stanley Iezman, President and Chief Executive Officer of American, stated, "This is a well-leased asset in an outstanding CBD location with commanding city views. The property possesses solid fundamentals geared to attract a diversified tenant base of professional service firms, investment companies, and corporate satellite offices. The property's accessibility to nearly every form of the local mass transit system exemplifies our commitment to environmental consciousness and sustainability as well as seeking to generate strong performance for our clients."

American Realty Advisors, a California corporation, is an SEC-registered investment advisor under the Investment Advisers Act of 1940 and a leading provider of real estate investment management services to institutional investors. With more than $4.4 billion* in assets under management, American has provided innovative real estate solutions to institutional investors for over 19 years utilizing core and value-added commingled funds and separate accounts. The firm's portfolios include office, industrial, multi-family, retail and other properties nationwide. Information regarding American can be found online at www.americanreal.com.

Forward-Looking Statements: This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are statements that do not represent historical facts and are based on our beliefs, assumptions made by us, and information currently available to us. Forward-looking statements in this press release are based on our current expectations as of the date of the release, which could change or not materialize as expected. Actual results may differ materially due to a variety of uncertainties and risk factors. Except as required by law, we assume no obligation to update any such forward-looking statements.

* Estimated as of June 30, 2007, representing gross value of all assets and accounts managed by American (excluding partners' share of equity and partners' share of debt on partnership investments) plus approximately $479 million in undrawn commitments.

Contact Information

  • Contact:
    Joyce Ezaki
    818/409-3280

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