TEL AVIV – Israeli real estate developer Property & Building , a subsidiary of debt-ridden conglomerate IDB Holding , has agreed to sell the Barneys building in Chicago for $154 million.
The 9,000-square-metre building was purchased in 2011 for $122 million and together with rental income received over the past two years Property & Building had a pretax gain of $38 million, the company said on Thursday.
The buyer, who was not identified, is an American corporation specializing in shopping centers, Property & Building said.
The two main tenants of the building are Barneys New York and Citibank.
(Reporting by Tova Cohen)