LOS ANGELES, Sept. 19, 2001 (PRIMEZONE) -- In the largest commercial real estate transaction to close since last Tuesday's terrorist attacks, billionaire Marvin Davis has purchased the prestigious 50-story, nearly 1-million-square-foot 181 West Madison building in Chicago.
The transaction was to have closed on September 11, but was postponed following the attacks on the World Trade Center and the Pentagon. However, the seller, the lending institutions and Mr. Davis decided to proceed as soon as practicable, and the deal closed September 13.
"I think we are doing the right thing," Mr. Davis told an aide after agreeing to proceed with the deal. "I believe in this country and the long-term integrity of its economy."
Terms of the transaction were not disclosed.
The building was developed in 1989 by Miglin-Beitler, the predecessor firm to MB Beitler, and in 1990 was sold to a partnership controlled by Yasuda Life Insurance Company of Japan. It houses such premier tenants as The Northern Trust Company, PaineWebber, LaSalle National Bank and Societe Generale, as well as a number of leading law firms.
MB Beitler will remain as management and leasing agent by the property's new owner, the Davis Companies.