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Slate Closes on Deal for CIBC HQ at 120 S. LaSalle

Toronto-based Slate Office REIT has closed on its previously announced acquisition of 120 South LaSalle in downtown Chicago for US$155.5 million, or $237 per square foot. As a result of this acquisition, 13% of the REIT’s gross leasable area will be located in the downtown Chicago area, after adjusting for the completion of previously-announced dispositions.

The 656,080-square-foot Central Loop office property is anchored by CIBC’s U.S. corporate headquarters. 120 South LaSalle is in close proximity to the REIT’s existing asset, 20 South Clark, and provides operating, leasing and marketing synergies.

The sellers, a joint venture of Lincoln Property Co. and the Illinois Teachers Retirement System, paid $121 million to acquire the 23-story 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 13-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 15-20 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 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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