{"id":1004135480,"date":"2016-01-25T06:35:40","date_gmt":"2016-01-25T14:35:40","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004135480"},"modified":"2020-04-28T03:08:09","modified_gmt":"2020-04-28T11:08:09","slug":"downtown-chicago-office-building-commands-198m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/downtown-chicago-office-building-commands-198m\/","title":{"rendered":"Downtown Chicago Office Building Commands $198M"},"content":{"rendered":"<p>By Keith Loria, Contributing Editor<\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/180-North-LaSalle_Chicago.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004135485\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/downtown-chicago-office-building-commands-198m\/180-north-lasalle_chicago\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/180-North-LaSalle_Chicago.jpg\" data-orig-size=\"800,1429\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"180 North LaSalle_Chicago\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/180-North-LaSalle_Chicago.jpg?w=573\" class=\"alignright size-medium wp-image-1004135485\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/180-North-LaSalle_Chicago.jpg\" alt=\"180 North LaSalle_Chicago\" width=\"168\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/180-North-LaSalle_Chicago.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/180-North-LaSalle_Chicago.jpg?resize=168,300 168w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/180-North-LaSalle_Chicago.jpg?resize=768,1372 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/01\/180-North-LaSalle_Chicago.jpg?resize=573,1024 573w\" sizes=\"auto, (max-width: 168px) 100vw, 168px\" \/><\/a>The office market is off to a strong start in 2016 with another large transaction.\u00a0<a href=\"https:\/\/www.ivanhoecambridge.com\/\" target=\"_blank\" rel=\"nofollow\">Ivanho\u00e9 Cambridge<\/a> has partnered with <a href=\"https:\/\/callahancp.com\/\" target=\"_blank\" rel=\"nofollow\">Callahan Capital Properties<\/a> on the acquisition of 180 North LaSalle St., a 769,000-square-foot Class A office building in downtown Chicago, for $198 million.<\/p>\n<p>\u201cChicago is a key city in our strategy to grow our U.S. office platform with Callahan Capital Properties and 180 North LaSalle is an important addition to our portfolio,\u201d said Arthur Lloyd, Ivanho\u00e9 Cambridge\u2019s executive vice president, office, North America.<\/p>\n<p>Located in the heart of Chicago\u2019s Central Loop submarket at the corner of LaSalle and Lake Street, the 38-story building was originally constructed in 1971 and renovated in 2015.<\/p>\n<p>\u201cWe are delighted with the addition of 180 North LaSalle to our downtown Chicago office portfolio. It complements our other nearby buildings at 10 &amp; 120 S Riverside Plaza and 515 N State St., held in partnership with Beacon Capital Partners,\u201d said Tim Callahan, Callahan Capital Properties\u2019 CEO. \u201cWith significant public improvements, downtown Chicago continues to thrive and attract new residents and businesses. This is a positive driver for tenants to choose quality buildings in the CBD.\u201d<\/p>\n<p>The 180 North LaSalle St. building benefits from its proximity to abundant retail, dining and cultural amenities as well as River North and the Chicago Riverwalk, a newly constructed pedestrian path alongside the Chicago River. The property also sits directly across from the downtown \u201cEl\u201d hub where all six train lines feed into the station.<\/p>\n<p>According to Colliers\u2019 latest <a href=\"https:\/\/www.colliers.com\/en-us\/chicago\/insights\" target=\"_blank\" rel=\"nofollow\">Chicago Office Market Report<\/a>, with Downtown Chicago\u2019s investment sales market on pace for a record year when numbers come in for 2015, and financing terms for non-stabilized assets widely available, investors are no longer avoiding buildings with vacancies. Instead, investors view these assets as opportunistic due to their repurposing potential.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The office market is starting off strong in 2016 with Ivanhoe Cambridge and Callahan Capital Properties&#8217; big purchase of a 796,000-square-foot Class A office building in Chicago&#8217;s Central Loop. <\/p>\n","protected":false},"author":451,"featured_media":1004135485,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21743,21808,13,21742,21747],"tags":[],"class_list":["post-1004135480","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-deals","category-featured","category-midwest","category-latest","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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