Nearly Complete 150 N Riverside Could Fetch $900M
The 54-story, 1.2M SF 150 N Riverside Plaza (pictured, left, with nearby River Point) won't be delivered until January. That isn't stopping the project's developer from courting bids on the property.
Riverside Investment & Development hired Eastdil Secured to market the building to prospective buyers. Riverside principal John O'Donnell wants to secure 150 N Riverside's $296M in construction debt with long-term financing, but he's also looking to sell a portion or all of the project if the price is right.
A deal for 150 N Riverside could value the tower at $900M, which would be another eye-popping number after a record $6.1B in downtown office building sales in 2015, Crain's reports. This year has been comparatively quiet, but there are signs the market could heat up. News broke last week that LaSalle Investment Management was in talks to buy AMA Plaza for $570M. [Crain's]