Thursday, December 16, 2010

353 N. Clark trades at $320 psf

From Globe St.:

Tishman Speyer has completed the acquisition of 353 N. Clark for $385 million, about $35 million less than it cost seller Mesirow Financial to build the tower that was finished in October 2009. Mesirow had owed roughly $374 million from construction loans that were coming due.

Tishman is making inroads into investing in Chicago, already owning One North Franklin, 161 N. Clark, 10 & 30 South Wacker, the Civic Opera Building and 30 N LaSalle. The company is the largest owner in the city of Class A buildings, said Casey Wold, senior managing director with the company. “This property is a great addition to our world-class office portfolio and the acquisition demonstrates our confidence in the Chicago market,” he said in a statement Wednesday.

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