Investors - OCTOBER 17, 2013

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CBRE buys Chicago office building on behalf of Korean investors

by Andrea Waitrovich

CBRE Global Investors’ U.S. Managed Accounts Group has acquired 161 N. Clark St., a 49-story trophy-quality office building located in the Central Loop submarket of downtown Chicago, on behalf of a consortium of Korean investors led by Korea Post. The seller was Tishman Speyer Properties. The sales price was approximately $312 million for the 1.1 million-square-foot high-rise. CBRE Global Investors declined to comment on the sales price.

The property is 93 percent leased to a diverse roster of high-quality tenants with limited rollover. Tishman Speyer purchased the tower in 2007 as part of the largest real estate deal in Chicago history, its $1.72 billion purchase of the downtown Chicago portfolio of the former Equity Office Properties

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