Demand for prime office towers in Chicago’s Central Business District continues to grow as investors, ranging from domestic institutional to foreign, bid to acquire top product in the market. JLL‘s Capital Markets said today that the sale of 353 N. Clark, which has now been completed, is believed to have achieved the second-highest amount ever paid for a Chicago office building on a per square foot basis. JLL represented the seller, Tishman Speyer, in the transaction.
International Director Bruce Miller and Senior Vice President Nooshin Felsenthal led the JLL team on the transaction.
“Even with falling cap rates, both domestic and foreign investors remain extremely bullish on the downtown Chicago office market,” said Miller. “353 N. Clark’s pricing further demonstrates the intense level of competition among investors to obtain Trophy Class A space in a top-performing market.”
Added Felsenthal, “Chicago CBD’s booming technology sector, migration of companies to the urban core and healthy job growth is drawing vigorous competition for high quality, well located assets, pushing prices to record levels. 353 North Clark’s River North location and unencumbered views provide enduring asset value.”
The 46-story building totals 1.2 million square feet and hosts tenants including Mesirow Financial, Jenner & Block, Spencer Stuart and Intercontinental Exchange.
