Optibase Ltd. Announces $12,900,000 Investment In 300 South Riverside Plaza Office Tower In Chicago

HERZLIYA, Israel, Dec. 29, 2015, OBAS, /PRNewswire/ Optibase Ltd. (NASDAQ: OBAS) (the Company or Optibase ) today announced that its wholly owned Delaware subsidiary, Optibase Chicago 300 LLC, completed an investment in 300 River Holdings, LLC, (the Joint Venture Company ) which beneficially owns the rights to a 23-story Class A office building located at 300 South Riverside Plaza in Chicago (the Property ) under a 99 year ground lease expiring in 2114. Optibase invested $12,900,000 in exchange for a thirty percent (30%) interest in the Joint Venture Company. The remaining seventy percent (70%) of the Joint Venture Company is owned by 300 River Plaza One LLC which is controlled by the U.S. real estate company Third Millennium Group. As a part of the Transaction, WKEM Riverside Member LLC, an existing member of the Joint Venture Company, redeemed all of its 30% interest in the Company. In addition, the Joint Venture Company executed promissory notes in the aggregate amount of $60,000,0
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