CIM Group acquires Chicago building for $191m

CIM Group has purchased the office building located at 440 S. LaSalle St. in Chicago from TIER REIT for $191 million.

The 1.04 million-square-foot, 39-story Four40 office building is located at the base of LaSalle Street and Congress Parkway at the south end of Chicago’s business and financial district.

It comprises an approximately 954,000-square-foot tower and an 83,000-square-foot annex overlooking Congress Parkway, a landscaped 45,000-square-foot outdoor plaza with seating, a 5,000-square-foot retail outparcel, and a 325-space underground parking garage. Renovations were completed in 2015.

Thus far this quarter, transaction volume in the Chicago office market has exceeded first quarter 2016 ($921.6 million), with more than $1.9 billion in sales volume. However, the market’s sales activity has declined compared with 2015, when Chicago’s quarterly office sales volume averaged more than $2.1 billion. Second quarter 2015 was the year