December 17, 2015 Comments Off on Foreigners Pay $3.3B for Chicago Assets in Past Year Views: 523 California News, Illinois, Midwest, National News

Foreigners Pay $3.3B for Chicago Assets in Past Year

International investors paid $3.3 billion for properties in the Chicago area in 2015, beating the $2.2 billion set in 2013, according to Real Capital Analytics. Chicago had the fourth-highest volume of foreign investment in 2015, beaten out by Manhattan, Los Angeles and Washington, DC.

Jim Costello, a senior vice president at RCA, said overseas investors like Chicago because increased volumes pushed asset prices in coastal cities.

Foreign investors attracted to the Windy City included GLL Real Estate Partners, which paid $185 for a West Loop office tower, and $75 million for a property in River North in a separate deal. Meanwhile, Samsung Life Insurance of South Korea paid $314.4 million for the BMO Harris Building in the Loop.

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