May
25

Chicago Skyscraper Sold to New York Investors

May 25, 2010

A bunch of New Yorkers have invested in Chicago real estate to the tune of $72.25 million, the city’s largest sale this year.

180 N. LaSalle

The group of investors, led by Michael Silberberg of Berkley Properties, purchased the commercial office building at 180 North LaSalle Street this week.

The 39-story, 770,191-square-foot skyscraper, which carries over $61 million in debt, was built in 1972 by Harry Weese Associates. About 84 percent occupied, the building has more than 75 tenants; its largest is Accenture PLC, which utilizes 172,000 square feet in a lease set to expire in July 2015.

The seller, Prime Group Realty Trust, purchased the tower in 1998 for $55 million. Despite this week’s high sale tag, this building was said to have been worth more than $165 million when it was put on the market back in the middle of 2008. There was an offer made at the end of 2008 for $124 million, but the investor was unable to secure financing, and then another realty trust was looking to buy the property at the beginning of this year for $89.3 million.

Berkley Properties owns office, industrial, retail and residential properties in New York, New Jersey, Illinois, Texas and Tennessee. The group plans to upgrade the elevators at 180 N. LaSalle and add a gym and conference center. The building appeared in the movie “Batman Begins.”

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