300 N. LaSalle sold for $655 million

By Julie Wernau
Posted Aug. 4, 2010 at 8:24 a.m.

The 1.3-million-square foot office building at 300 N. LaSalle St. has been sold to a California real estate investment trust for $655 million. Holliday Fenoglio Fowler, L.P.’s Chicago and New York offices closed the sale on behalf of the building’s current owner, Hines, a privately-owned real estate firm and have acquired $350 million in financing from MetLife Inc. for KBS Real Estate Investment Trust II Inc., the buyer.

Completed in 2009 and designed by the firm Pickard Chilton, the 57-story building rises 775 feet from the Chicago River and is among the city’s tallest buildings.

The building is approximately 93 percent leased, according to HFF, and counts Kirkland & Ellis LLP, The Boston Consulting Group, Quarles & Brady LLP, GTCR Golder Rauner and Aviva USA among its tenants.

The buyer, KBS REIT II, was formed in 2007 by President Peter Bren, Chief Executive Officer Charles J. Schreiber Jr. and executive vice presidents Peter McMillan III and Keith Hall. KBS Capital Advisors is the trust’s advisor and is affiliated with KBS Realty Advisors, also founded by Bren and Schreiber. KBS has offices in several cities, including Chicago.


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