Transactions - NOVEMBER 12, 2014

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Two Chicago towers to sell for $1b

by Andrea Waitrovich

Two CBD office properties in Chicago are under contract to sell for more than $1 billion.

Heitman is under contract to purchase the office tower located at 353 N. Clark St. in Chicago. An official announcement has not been released; however, Real Capital Analytics estimates the sales price to be $700 million or $591 per square foot.

The seller of the 46-story tower is Tishman Speyer, which acquired the 1.18 million-square-foot asset in 2010 for $385.4 million.

The all-glass office tower was built in 2009 on 1.24 acres. It has 25,000 square feet of street retail space and a 235-space parking garage. It is 96 percent occupied. Major tenants include Jenner & Block and Mesirow Financial.

Less than a mile away, the 1.2 million-square-foot Fifth Third Center is under contract to be sold for an estimated price of $303.5 million, or $256 per square foot. The new owners are Deutsche Asset & Wealth Management and Lincoln Property Co. The seller

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