Tishman Speyer selling Loop office tower, adding to market activity in Financial District

The developer reportedly could fetch $280M for 190 North LaSalle

May.May 01, 2019 10:05 AM
190 South LaSalle Street and Tishman Speyer's Rob Speyer (Credit: Tishman Speyer)

190 South LaSalle Street and Tishman Speyer’s Rob Speyer (Credit: Tishman Speyer)

Tishman Speyer is looking to sell an office tower in the Financial District, adding to a number of buildings in the area either trading or hitting the market.

The New York-based developer could fetch as much as $280 million for the 40-story building at 190 South LaSalle Street, sources told Crain’s.

Tishman bought the 800,000-square-foot building in 2013 for $211 million, with help from a $140 million acquisition loan. It refinanced that loan last year for $160 million, according to Crain’s.

A few blocks south, GlenStar Properties and Oaktree Capital Management are looking to sell the Chicago Board of Trade Building at 141 West Jackson Boulevard, reportedly seeking more than $330 million.

Slate Office REIT last year bought the 23-story office building at 120 South LaSalle for $156 million from a joint venture of Lincoln Property and the Illinois Teachers Retirement System. Bridge Investment Group, meanwhile, bought the 47-story building at 1 North LaSalle for $113 million from a joint venture of Northbrook-based Hilco Real Estate and MB Real Estate executives Kevin Purcell and Peter Westmeyer.

Financial District office landlords are bracing for an uncertain future with the looming departures of Bank of America, BMO Harris and Northern Trust. The three banks’ plans to leave their Financial District offices for newer downtown buildings by 2022 would leave 1.85 million square feet of office space in the area vacant.

The biggest tenant in Tishman’s building, U.S. Bank, has a lease on 110,000 square feet that expires in 2026, according to Crain’s. [Crain’s] — John O’Brien

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