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Lincoln Property JV looking to sell LaSalle Street tower
The Dallas-based firm bought the building for $121M in 2006
A joint venture of Lincoln Property Company and the Illinois Teachers’ Retirement System listed a 23-story LaSalle Street tower, after having recently extended the lease on its anchor tenant.
The JV hired brokerage CBRE to market the building at 120 South LaSalle Street, which it bought for $121 million in 2006, according to Crain’s.
The landlord recently signed anchor tenant CIBC to a six-year lease extension through 2029.
The banking firm leases 45 percent of the building’s roughly 650,000 square feet, but the building still has a 19 percent vacancy rate, according to Crain’s. The average for Downtown office buildings is 12.9 percent, according to CBRE data.
Lincoln Property was part of a venture that bought another tower at 120 North LaSalle Street earlier this year for $107 million and another investment group that bought Central Park of Lisle in December for $129 million.
CBRE brokers Blake Johnson, Cody Hundertmark and Tom Sitz are representing Lincoln Property. [Crain’s] — John O’Brien