Block 37 Owner Acquiring Financial District Office
The downtown office market, like spring in Chicago, is beginning to show signs of life. Hot on the heels of LaSalle Investment Management and CIC's $547M play for AMA Plaza comes news that CIM Group is buying 440 S LaSalle in a $200M deal.
CIM has been busy acquiring assets and putting cranes in the air throughout downtown, Crain's reports. The Block 37 developer JV'd with Golub to build Marquee at Block 37, the 690-unit apartment tower atop Block 37 set to open in June. CIM and Golub are also building the 397-unit 1001 South State and acquired 625 N Michigan in a $48M deal last year.
The seller, TIER REIT (formerly known as Behringer), acquired 440 S LaSalle in a four-building, $832M deal in 2007. [Crain's]