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Chicago & Midwest  + Downtown  + Office  |  July 18, 2018
Paul Bubny
By: Paul Bubny

Slate REIT Goes Shopping on LaSalle Street

Slate Office Real Estate Investment Trust is finalizing a deal to purchase the 23-story 120 S. LaSalle St. and an adjacent four-story parking garage for close to $156 million, Crain’s Chicago Business reported, citing sources familiar with the deal. The Toronto-based REIT entered the Chicago office market in February, buying 20 S. Clark St. for $85.6 million.

Currently owned by a joint venture of Lincoln Property and the Illinois Teachers’ Retirement System, 120 S. LaSalle recently renewed anchor tenant CIBC through 2029. It occupies 45% of the tower’s 656,000 square feet.

When Slate bought 20 S. Clark, it said Chicago would be a focal point for U.S. expansion. However, Crain’s noted that the city’s office landscape is more crowded, with new product coming on line at 151 N. Franklin St. and 625 W. Adams St., while another 2.5 million square feet is under renovation at the Old Main Post Office.


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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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