KBS Real Estate Investment Trust II, a public non-traded real estate investment trust based in Newport Beach, Calif., announces the official closing of the sale of the 300 N. LaSalle building, which was acquired by the Irvine Company for $850 million.
300 N. LaSalle is a 60-story, 1.3-million-square-foot tower on the Chicago River that was purchased by KBS REIT II in 2010. The sale is the largest single-building office transaction in Chicago history and the third-largest office building transaction in the U.S. this year, according to CoStar.
“In 2010, KBS REIT II saw a unique opportunity in 300 N. LaSalle during uncertain economic times,” said KBS REIT II CEO Charles J. Schreiber. “We developed and implemented a strategy over a 4-year period and ultimately exceeded our business plan on behalf of KBS REIT II investors. We are very pleased with this transaction for our investors.”
The Irvine Company acquired 300 N. LaSalle through a competitive bidding process overseen by HFF, a leading provider of commercial real estate and capital markets services.
“In 300 N. LaSalle, the Irvine Company saw an irreplaceable, nationally iconic property in a highly coveted Chicago location,” said KBS Central Region President Ken Robertson. “The asset has performed extremely well, which only underscores its enduring quality. We believe this is undoubtedly the trophy office asset of this market and a signature property for any office investor.”
Amenities at 300 N. LaSalle include Chicago Cut Steakhouse, one of the top steakhouses in Chicago, as well as a waterfront café and a riverfront plaza. The 2009-built property is located within Chicago’s central business district in River North, the city’s innovation center and a destination for dining, shopping, culture and metropolitan living.
