The Latest Deal In Clybourn Corridor Will Drop Your Jaw
The busiest firm in Chicago right now is arguably LaSalle Investment Management. LaSalle's latest deal: the firm bought a Class-A office property in the Clybourn Corridor for $130M from Structured Development.
Structured built the 224k SF building at 1460 N Halsted in 2009 and bought out its equity partner, Commonfund, in 2013. The asset was valued at $80M at the time of that deal. The building houses REI's Lincoln Park store, the British School of Chicago and various medical practices. Structured has been the driving developer along Halsted and Clybourn in recent years. In addition to delivering this property, Structured helped bring the New City mixed-use development across the street to life, and is working on building a retail development nearby that will deliver in late 2018, Crain's reports.
LaSalle's purchase price is the latest indicator that activity for core assets in Clybourn Corridor continues to increase. It's also the latest splashy deal LaSalle has made in the past two months. The firm JV'd with CIC on a $547M acquisition of AMA Plaza. LaSalle also placed a 60-story Streeterville high-rise on the market last week. [Crain's]