Despite a real estate market severely restricted by financial fears, John Buck Co. has agreed to buy a Deerfield office complex for about $169 million, say people familiar with the transaction. Such megadeals have become rare as the credit crisis and worry about the future of commercial real estate have slowed sales.
So far this year, just nine such sales valued at $100 million or more have closed. That's down from 21 deals recorded at this time a year ago in greater Chicago, according to Real Capital Analytics, a research firm. Chicago's biggest deal this year was the $540 million sale of the 50-story UBS tower at 1 N. Wacker Drive disclosed in February.
Thursday, June 19, 2008
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