J.P. Morgan buys Chicago office for $305m
Sterling Bay Cos. is under contract to sell an office property in Chicago’s West Loop to J.P. Morgan Asset Management. Real Capital Analytics estimates the sales price is $305 million, or $367 per square foot.
The property, River Center, located at 111 N. Canal St., totals 830,000 square feet and includes a 550-space garage. It was built in 1918 and renovated in 2013 by Sterling Bay. The 16-story office building is 90 percent occupied. Major tenants include Gogo, Uber Technologies, Level 3 Communications, Fieldglass and Twitter.
Sterling Bay acquired the office property in 2012 for $100 million and planned $32 million of improvements.
The Chicago office sector made headlines when the Willis Tower sold for $1.3 billion to The Blackstone Group.
Another recent office