Tishman buys Chicago office tower for $211m

The New York-based developer is acquiring 190 South LaSalle Street from CBRE Global Investors. The property is part of a nearly 3 million-square-foot office portfolio that the Los Angeles-based firm is selling.

Tishman Speyer is buying an under-leased Chicago skyscraper from CBRE Global Investors for a rumored $211 million.

The New York-based developer and fund manager is purchasing 190 South LaSalle Street, a 40-story office tower in Chicago’s Central Loop submarket, from the Los Angeles-based investment firm, according to data provider Real Capital Analytics. At press time, it was unknown if Tishman Speyer is buying the building on behalf of a fund. 

CBRE Global Investors originally bought the 798,000-square-foot property in May 2006 from a joint venture between Nippon Life Insurance and MetLife for $137 million on behalf of its CBRE Strategic Partners US 4 fund. Constructed in 1987, the property currently is 83 percent occupied by tenants that include Barclays, Bain & Co and US Bank.

In February, it was announced that CBRE Global Investors was putting the asset up for sale as part of a 2.9 million-square-foot portfolio. Other properties in the portfolio include the Interchange Office Center, a 150,600-square-foot asset in the West Plano submarket of Dallas; The Point at Las Colinas, a 403,400-square-foot property in the Las Colinas submarket of Dallas; The Urban Towers, a two-building complex totaling 848,600 square feet in the Las Colinas submarket of Dallas; and Wildwood Center, a 679,600-square-foot trophy in the Northwest submarket of Atlanta.