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Sun Life Pays $32M For 100 N LaSalle

Chicago Office

After three decades under one hat, there's a new owner at 100 N LaSalle. Sun Life Financial paid $32M to buy the 25-story building from Hearn, which owned the property for 32 years.

Hearn paid $1.9M in 1984 and placed the building on the market in July. Singerman Real Estate bought an ownership stake in the property in 2013, when Hearn had $12.6M in CMBS debt due the following year and not enough cash flow to service the debt. The JV refinanced the building with an $18M loan and $8M in improvements helped reduce the vacancy rate to 21%, according to Crain's.

CBRE's Dan Dueter, who helped broker the deal, said in July the building could command as much as $36M on the market. [Crain's]