Each week, The Elevator Speech summarizes news related to some of the key industry trends, buildings, deals and dealmakers that shaped headlines. Below are articles that caught our attention the week of July 7.
Large ROI on Wacker Drive Tower
LaSalle Investment Management has purchased the 24-story office tower located 101 N. Wacker Drive. LaSalle acquired the building from Hines Interests L.P. for $210 million, or about $350 per square foot. This purchase price is approximately 62% more than Hines paid for the building in 2007.
Largest Sale in Chicago History Comes to a Close
Officials from KBS Real Estate Investment Trust II have confirmed that they closed on the sale of 300 N. LaSalle. The sale was first announced back in May of this year. The property has been sold to a Southern California real estate investment firm for $850 million, which amounts to about $654 per square foot. This is the highest amount ever paid for a Chicago office building and was also the third-largest office building transaction in the US this year.
Healthy Move to Superior
GoHealth Insurance, an insurance coverage consultant, has signed a five-year sublease at 219 W. Superior St. The building rises three stories high and totals 42,000 square feet. The lease is for all 42,000 square feet. GoHealth has subleased this space from the previous lessor, Schawk, Inc., who moved out in April 2013.
Occupancy on the Rise at Franklin Center
Retail Finance International Holdings Inc., a consumer finance unit of GE Capital, has signed a lease for 76,000-square feet at 227 W. Monroe St., a tower owned Tishman Speyer Properties L.P and also known as the Franklin Center. The GE unit will relocate from its current space at 500 W. Monroe St., owned by Piedmont Office Realty Trust, in a move that will boost occupancy at the Franklin Center to 89%.
What CRE or Chicago news headlines from the past week captured your interest? Leave us a comment and let us know.