
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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- ◦Sale/Acquisition