A new record has been set in Chicago real estate. According to local reports, the 60-story tower located at 300 N. LaSalle St. has been purchased for $850 million by The Irvine Co. of Newport Beach, Ca.
The real estate investment firm paid about $654 per square foot for the building, according to Chicagobusiness.com. The previous Chicago real estate record sale belonged to the 110-story Sears Tower, which was bought for $840 million in 2004 and renamed Willis Tower.
The N. LaSalle Street tower was completed in 2009 by developer Hines Interest LP of Houston. It previously sold in 2010 for $655 million to another Newport Beach investment firm, KBS Realty Advisors.
Reports indicate their was plenty of interest from potential buyers in this latest go around. It was described as “vigorous and international” by Doug Holte, president of The Irvine Co.’s office division.
He added a big reason for the interest is the building’s location.
“The River North location with unencumbered views creates permanent value that we believe justifies the price,” Holt said.
“We just think Chicago’s an exceptional value play in this country. It’s got all the dynamics of a great city for the next 50 years.”
That’s certainly a big vote of confidence for Chicago real estate from one of the nation’s foremost real estate investment firms.
According to Chicagobusiness.com, the building at LaSalle Street is 97% and is full of heavy hitters.