Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
West Loop Office Tower Could Sell for $900M
A joint venture of Riverside Investment & Development and Wanxiang America Real Estate has hired JLL to help market 150 N. Riverside Plaza in the West Loop to prospective investors, Crain’s Chicago Business reported. A deal could value the 53-story tower at around $900 million, or around $750 per square foot, making it one of the priciest downtown office properties in Chicago history.
The owners, which have nearly filled the 1.2-million-square-foot tower with tenants including major investment, consulting and law firms, reportedly intend to sell a 49% interest in the building. Yet, they’re also open to selling the whole property.
Riverside and Wanxiang have shopped 150 N. Riverside before. The JV hired Eastdil Secured to market the property before it was even completed in 2017.
At the time, Riverside’s John O’Donnell told Crain’s that the would-be sale was an attempt to “catch the debt markets while they’re strong.”
Connect Industrial Midwest is coming to Rosemont, IL on March 4. For more information, or to register, click here.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
