CHICAGO — The Irvine Company has completed its acquisition of 300 North LaSalle, a 60-story office property overlooking the Chicago River in downtown Chicago, for $850 million. The Newport Beach, Calif.-based investment firm purchased the 1.3 million-square-foot building from KBS Real Estate Investment Trust II.
Officials with KBS REIT II told GlobeSt.com that the purchase price of 300 North LaSalle was the most ever paid for a Chicago office building. The sale was the third-largest office building transaction in the United States so far this year, according to CoStar.
“300 North LaSalle offers a central business district location with all the excitement of River North, Chicago’s innovation center and a destination for dining, shopping, culture and metropolitan living,” said Doug Holte, president of Irvine Company Office Properties. “The Irvine Company will continue to be geographically focused on its core California real estate markets, however the acquisition of 300 North LaSalle represents a unique opportunity to invest in an iconic national building that shares many of the same community amenities we embrace in California.”
Jamie Fink, senior managing director of HFF’s Chicago office, oversaw the competitive bidding process.
300 North LaSalle is fully leased to tenants that include Groupon, Razorfish and Google’s Motorola Mobility. Houston-based Hines Interests developed the building, which was completed in 2009 before KBS purchased it in 2010 for $655 million. The building is certified LEED Platinum, the highest environmental recognition of its kind.
Amenities at 300 North LaSalle include a riverfront plaza, a waterfront cafe, Chicago Cut Steakhouse, a fitness center, conference center overlooking the river, onsite banking and bike storage, pedestrian access to mass transit and three levels of private underground parking with valet and car wash service.
Incorporated in 1894, The Irvine Company is a privately held real estate investment company and master-planner with operations throughout coastal California. The Irvine Company comprises master planners, community builders, real estate investors and asset managers.
— Scott Reid