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J.P. Morgan buys Chicago office for $305m

by Andrea Waitrovich

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

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