Menashe Properties Closes on LaSalle Tower for $57M

Menashe Properties formally closed its acquisition of 180 North LaSalle Street.

The 38-story, 800,000-square-foot tower closed at $56.5 million according to CEO Jordan Menashe. That’s more than a 70 percent discount from the amount the seller, La Caisse, paid in 2016 for the building. LaCaisse bought the property, which was built in 1976, for $198.5 million, according to a press release from Menashe.

Closing on 180 North LaSalle Street marks Portland-based Menashe’s third Chicago office building investment in four years. In 2025, Menashe made its first purchase from the Canadian pension fund, the 31-story tower at 125 South Wacker Drive for $51.5 million. In 2023, they bought the 29-story building at 230 West Monroe in a $45 million, all cash deal from Florida-based Accesso Partners.

In May, the building was pegged at 64 percent leased, but Menashe is banking on the Google effect to help attract future tenants for the building, whose business operations will still be managed by Stream Realty Partners. 180 North LaSalle Street is right across the road from the Thompson Center, which is undergoing a $300 million redevelopment, and will be Google’s Chicago headquarters once construction is finished. Stream Realty also partners with Menashe on their other pair of Chicago properties.

“The ‘Google effect’ is real. We believe the area’s redevelopment will continue to

reshape the North Central Loop similarly to the boost which occurred with Fulton Market,” Jordan Menashe said in a statement. “Well-located and well-capitalized first-class assets have experienced incredible leasing momentum and are positioned to deliver an elevated tenant experience in a premier urban environment.”

Menashe has bet heavily on an office space rebound in the Chicago area. The Loop was decimated by post-pandemic hybrid work schedules, and mid-tier office buildings haven’t recovered yet. There is, however, a trophy office push that has galvanized owners around the city to invest in upgraded amenities and other perks for tenants.