Transactions - MAY 21, 2014

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Irvine buys Chicago office tower for $850m

by Andrea Waitrovich

The Irvine Co. has purchased 300 N. LaSalle, a 60-story office tower in Chicago, for $850 million, $654 per square foot, from KBS REIT II after a competitive bidding process overseen by HFF.

According to Real Capital Analytics, the transaction would be the city’s highest priced transaction per square foot for an office property. 

The 60-story building is 97 percent occupied. Major tenants include Kirkland & Ellis, Quarles & Brady, GTCR and Chicago Cut Steakhouse. The glass tower overlooks the Chicago River and is less than a mile from the Hyatt Center, the 48-story building Irvine Co. purchased in December 2010 for approximately $625 million from the Pritzkers.

“The Irvine Co

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