Chicago tower with value-add potential hits market for about USD 160m

14 May 2018

 


A Chicago office building at 120 South LaSalle Street is being marketed for sale and is likely to trade for about USD 160m, said two sources familiar with the asset.
 
That price indicates a capitalization rate of about 6%, both sources said. The 660,000 sq ft building is about 81% leased, making it a value-add play for the buyer, the first source familiar said.
 
CBRE represents seller Lincoln Property Company, according to a document seen by Debtwire.
 
The building last sold for USD 121m in 2006.
 
By Guelda Voien