[Market Insight] KTCU Earns 37% Returns in 3 Years from a Chicago Building

SEOUL, KOREA - The Korean Teachers' Credit Union said on October 10 that it sold the Three First National Plaza building in Chicago that it bought in 2011. The selling price was reported to be US$384 million, which means the credit union earned 37 percent of returns within three years of investment.

Earlier in 2011, the Teachers' Credit Union invested in the 57-story office tower located at 70 West Madison Street through a real estate fund formed by Hyundai Asset Management and run by GAW Capital Partners. At the time of the purchase, the price was $344 million.

The building currently has Morgan Stanley, Fitch Ratings, and several other financial service firms as tenants. There are Chicago City Hall, the Supreme Court, Chase Bank, and the Chicago Board of Trade close by. KTCU earned 17 percent of returns from an investment in a building at 333 Market Street in downtown San Francisco at the end of 2012.

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