In a deal that marks the most ever paid for a Chicago office building, KBS Real Estate Investment Trust II announced this week that it had closed on the sale of the 60-story, 1.3 million-square-foot office tower at 300 North LaSalle in Chicago for $850 million, or $652 per square foot. Newport Beach, CA-based Irvine Company purchased the property after a competitive bidding process that was overseen by HFF.
KBS originally acquired the property in 2010 from Houston-based Hines for $655 million. According to a document filed with the US Securities and Exchange Commission, KBS "repaid the entire $344.6 million principal balance and all other sums due under a mortgage loan secured by the 300 N. LaSalle Building, including a prepayment penalty of $13.7 million."
"In 300 N. LaSalle, the Irvine Co. saw an irreplaceable, nationally iconic property in a highly coveted Chicago location," said KBS Central Region President Ken Robertson in a statement. "The asset has performed extremely well, which only underscores its enduring quality. We believe this is undoubtedly the trophy office asset of this market and a signature property for any office investor."
For more news and information visit Blumberg Capital Partners.
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