CHICAGO — KBS Real Estate Investment Trust II (KBS REIT II) has acquired 300 North LaSalle, a trophy office tower located in Chicago's River North submarket. The 60-story, 1.3 million-square-foot building was 93 percent leased at the time of the sale. Its anchor, Kirkland & Ellis LLP, occupies 687,857 square feet. Other tenants include Boston Consulting Group, GTCR Golder Rauner, Aviva and Quarles & Brady LLP.
Designed by Pickard Chilton, the tower was developed in 2009. It features a conference center overlooking the Chicago River, a fitness center, a restaurant, a riverfront café and underground parking. The building is also LEED-Gold certified. Sustainable features include a riverfront public garden, a 50 percent green roof and a river water cooling system.
“The building's features, unmatched view corridors and LaSalle Street address resulted in a rapid lease-up even during the economic downturn,” said Bill Rogalla, senior vice president at KBS Realty Advisors and director of acquisitions for its Central Region. “We expect the building's Class AAA-quality and environmental attributes to contribute to significant tenant retention over the long term.”
Glenn Whitmore of Holliday Fenoglio Fowler's New York City office partnered with Jamie Fink and Jeff Bramson of the firm's Chicago office to represent the undisclosed seller. Mike Kavanau of Holliday Fenoglio Fowler's Chicago office helped arranged acquisition financing on behalf of KBS.
With this transaction KBS and its affiliated entities have acquired more than 3.5 million square feet of commercial real estate this year.
— Coleman Wood