(CHICAGO, IL) – The Chicago office of Hines, the international real estate firm, announced today the sale of 300 North LaSalle to KBS Realty Advisors LLC, a Southern California investment firm.
Financials on the deal were not disclosed. The Chicago office of Holliday Fengolio Fowler (HFF) represented Hines in the transaction, while KBS was self-represented.
Located on the north bank of the Chicago River between the River North district and the Central Business District, the 60-story tower contains 1.5 million square feet, and recently was awarded LEED Gold certification from the U.S. Green Building Council.
The glass and steel building was designed by Pickard Chilton and was developed by Hines in 2009.
Hines will continue to manage the property.
300 North LaSalle is currently 96 percent leased to Kirkland & Ellis LLP, the Boston Consulting Group, GTCR Golder Rauner, Quarles & Brady LLP, Aviva USA, and other leading professional and financial services and investment firms.
“Hines is very proud of this development due to its architectural stature, its sustainable design, and most importantly its industry-leading tenants,” said Hines Executive Vice President and Midwest Region CEO Kevin Shannahan.
“KBS will be a great steward of the building, and this sale enhances our ability to invest in new Chicago projects.”
Hines entered the Chicago real estate market in 1981 with the development of Three First National Plaza.
Its Chicago-area portfolio of owned and managed properties currently exceeds 10 million square feet, and includes One South Dearborn, One North Wacker, the Citadel Center and the Harris Bank complex.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,111 properties representing more than 451 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. With offices in more than 100 cities in 17 countries, and controlled assets valued at approximately $22.2 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM in the United Kingdom, France’s Haute Qualité Environnementale and with the German Sustainable Building Council. Visit www.hines.com for more information.