$655 Mil. Downtown Building Sells for Record Square-Foot Price

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(Chicago Sun Times) — A real estate investment trust said Thursday it expects to acquire one of downtown Chicago’s newest office buildings for $655 million.

KBS Real Estate Investment Trust II Inc. said it placed the 300 N. La Salle building under contract July 1. The 60-story, 1.3-million-square-foot building along the Chicago River opened a year ago.

The per-square-foot price of $503 is a record for a Chicago office building. Even though other office buildings have seen their values tumble, 300 N. La Salle sold at a high price because its income stream is thought to be stable.

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