Toronto-based Slate Office REIT has acquired 120 South LaSalle and the adjacent parking garage in downtown Chicago for $155.5 million ($237 per square foot). The seller is a joint venture between Lincoln Property Co. and the Illinois Teachers’ Retirement System. They purchased the building in 2006 for $121 million.
“We are very excited to announce our second U.S. acquisition of 2018,” said Scott Antoniak, the REIT’s chief executive officer. “120 South LaSalle is a landmark downtown Chicago address and is the U.S. headquarters of CIBC, a leading Canadian-based global financial institution and a key strategic financial partner of Slate Office REIT.”
Located in downtown Chicago’s financial district, 120 South LaSalle is a 656,080-square-foot, 23-story office building. It is currently 84 percent occupied, anchored by the U.S. corporate headquarters of CIBC, which takes up 45 percent of the gross leasable area. The transaction remains subject to customary closing conditions and is expected to be completed in the third quarter of 2018.