PREI® acquires Class A Chicago office property

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22 West Washington located in heart of business district

PARSIPPANY, N.J.--(BUSINESS WIRE)-- Prudential Real Estate Investors has acquired 22 West Washington, a Class A office building located in downtown Chicago’s Central Loop for $183.5 million. PREI, acting on behalf of institutional investors in its core real estate fund, is the real estate investment management and advisory business of Prudential Financial, Inc. (NYSE: PRU).

The 17-story building, with 439,434 square-feet of usable space, is located directly across the street from Daley Plaza. It houses the corporate headquarters of Morningstar and the local CBS television affiliate. Completed in 2008, the building is fully leased. PREI acquired the property from a joint venture between BlackRock and Golub & Company. Golub and Company will remain the property manager.

“We believe 22 West Washington is a perfect example of the kind of high quality core office property that is going to provide a stable cash return over the long-term for our investors,” said Catherine Marcus, a managing director and portfolio manager for PREI. “The low risk profile of this Class A property contributes to the attractive risk-adjusted return and fits in nicely with our broader strategy in the current market environment,” Marcus added.

PREI is a leader in the global real estate investment management business, offering a broad range of investment vehicles that invest in private and public market opportunities in the United States, Europe, the Middle East, Asia, Australia and Latin America. Headquartered in Parsippany, N.J., PREI has other offices in Atlanta, Chicago, Miami, New York, San Francisco, Lisbon, London, Luxembourg, Madrid, Munich, Paris, Abu Dhabi, Istanbul, Mexico City, Rio de Janeiro, Sao Paulo, Beijing, Hong Kong, Singapore, and Tokyo; as well as representatives in Milan and Zurich. As of June 30, 2011, PREI managed approximately $48.1 billion in gross real estate assets ($30.2 billion net) on behalf of more than 490 clients worldwide. For more information, visit http://www.prei.com.

Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $883 billion of assets under management as of June 30, 2011, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/.