Chicago office building sales inch closer to an all-time record. A JV of Samsung Life Insurance and Hines Interests bought 111 W Monroe for $315M. Hines, meanwhile, is selling 333 W Wacker, also for $315M.
CalPERS bought 111 W Monroe, best known for housing BMO Harris Bank's US HQ, for $114M in 2006. BMO Harris moved 311 W Monroe to the 1.2M SF building last year. The closing price averages to around $265/SF. The buyer of 333 W Wacker, PNC Realty Investors, is paying around $360/SF for the 36-story building.
Samsung's deal for 111 W Wacker continues a trend of foreign capital entering the Chicago office market. Office building sales this year remain on pace to top the $5.3B record set in 2006. [Crain's]
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