The news last week that two more office towers here are trading hands — for a combined total of more than $500 million — is just the latest sign that investors are extremely bullish on the Windy City.
Crain’s Chicago Business reported that CBRE Global Investors will pay about $300 million for the 50-story tower at 181 W. Madison St. (about $320 per square foot) while Tishman Speyer Properties is buying the 40-story tower at 190 S. LaSalle St. for $211 million, or about $265 per square foot.
Jones Lang LaSalle International Director Bruce Miller tells Crain’s that the market is white hot:
“It’s is as good as I’ve seen it in a long time. I think it’s as good as it was back in ’07 at the peak.”
Other investment grade buildings that have traded hands here recently include 161 N. Clark St., 625 N. Michigan Ave. and 400 S. Jefferson St. as well as 225 West Wacker (see photo above), a sale that Bruce completed along with colleagues Jim Postweiler and Nooshin Felsenthal back in March.
Click here to read the full Crain’s story.