Slate Office REIT announced it will acquire a downtown Chicago office complex for US$85.6 million sometime this quarter.

20 South Clark Street is a 31-storey, 379,903 square foot complex in Chicago’s downtown Central Loop submarket, surrounded by the city’s legal, government and financial centres. It has underground walking access to Chicago’s train system, directly linking to O’Hare International Airport.

“We are excited to acquire a high-quality well-located asset in downtown Chicago that offers such attractive returns,” said Scott Antoniak, the REIT’s CEO. “The acquisition of 20 South Clark is a first step in our U.S. expansion strategy. We believe the Chicago market provides ample opportunity for future expansion.”

The complex is 84 per cent occupied with a weighted average lease term of five years.