Beacon Capital Buys CPS HQ in $205M Deal
The downtown market continues to inch closer to shattering a record for sales volume. The latest blockbuster deal: Beacon Capital Partners agreed to buy 1 N Dearborn from a JV led by Joseph Chetrit for an estimated $205M.
The 17-story, 940k SF building is HQ for Chicago Public Schools, which leases 156k SF in the building, which is the former home to Sears' downtown flagship store. Walgreens recently signed a 15k SF lease in the building, which is 94% leased.
The deal would keep the downtown market on pace to shatter the record for office building sales, set in 2006 with $5.3B. Chetrit has been involved in two of those deals, this one and the $1.3B sale of Willis Tower to Blackstone Group in June. CPS has been reeling of late, after former CEO Barbara Byrd-Bennett pleaded guilty to fraud charges yesterday, related to a kickback scheme during her tenure running the school district. [Crain's]