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Beacon Capital Under Contract for Tishman Speyer Tower
Beacon Capital Partners is under contract to pay around $230 million for the 40-story office tower at 190 S. LaSalle St., Crain’s Chicago Business reported, citing sources familiar with the deal.
The pending sale at slightly less than $290-per-square-foot would be substantially less than the $250 million or more that several industry experts predicted the building would fetch. However, it’s still well above the $211 million that seller Tishman Speyer paid for the nearly 800,000-square-foot building, according to Crain’s.
New York-based Tishman Speyer financed that 2013 acquisition with a $140-million loan, which was modified last year to a $160-million loan, according to property records.
The deal signals Beacon’s unwavering confidence in the Chicago office market, which is teeming with tenant demand, Crain’s reported. It’s also another mark of confidence in downtown office sales, following earlier reports that 500 W. Monroe was under contract.
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