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Chicago & Midwest  + Office  |  August 3, 2018
Paul Bubny
By: Paul Bubny

Slate REIT Makes Second Chicago Buy of the Year

Slate Office REIT has agreed to acquire 120 South LaSalle and the adjacent parking garage in downtown Chicago for $155 million, or $237 per square foot. The Toronto-based REIT had announced the $85.6-million acquisition of 20 S. Clark St., also downtown, this past January.

“We are very excited to announce our second U.S. acquisition of 2018,” said Scott Antoniak, the REIT’s CEO. “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.”

The sellers, a joint venture of Lincoln Property Co. and the Illinois Teachers Returement System, paid $121 million to acquire the 656,000-square-foot tower in 2006. The JV refinanced the property in 2013 for $80 million, Crain’s Chicago Business reported. CBRE’s Cody Huntermark, Tom Sitz and Blake Johnson represented the JV in the sale to Slate.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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