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Chicago Office

353 N Clark Sells For $715M

Heitman paid Tishman Speyer $715M ($604/SF) for 353 N Clark St, a 1.2M SF office tower in River North, according to Crain’s Chicago Business. It’s the second-highest price/SF recorded for a downtown office tower (behind $652/SF 300 N LaSalle earlier this year). And it’s a big boon for Tishman, repped in this sale by JLL international director Bruce Miller and SVP Nooshin Felsenthal, who paid $385M for the property four years ago. Such an off-the-charts price for the 46-story building, home to tenants including Mesirow Financial and Jenner & Block (here's a view from last week's construction event there), is indicative of Chicago’s frothy office market that’s drawing yield-hungry capital from all over the world.

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