{"id":1004247170,"date":"2018-08-03T01:49:29","date_gmt":"2018-08-03T09:49:29","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004247170"},"modified":"2019-02-13T10:37:35","modified_gmt":"2019-02-13T18:37:35","slug":"slate-office-reit-snags-chicago-office-building-for-156m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/slate-office-reit-snags-chicago-office-building-for-156m\/","title":{"rendered":"Slate Office REIT Snags Chicago Office Building for $156M"},"content":{"rendered":"
\"120<\/a>

120 S. LaSalle<\/p><\/div>\n

Slate Office REIT has acquired 120 S. LaSalle, a 656,080-square-foot office building in Chicago, and an adjacent parking garage for $155.5 million. According to Yardi Matrix, the property’s previous owner was Lincoln Property Co.<\/p>\n

\u201cWe are very excited to announce our second U.S. acquisition of 2018,\u201d <\/em>Scott Antoniak, Slate Office REIT\u2019s CEO, <\/em>said in a prepared statement. \u201c120 South LaSalle is a landmark downtown Chicago address and is the U.S. headquarters of CIBC Capital Markets, a leading Canadian-based global financial institution and a key strategic financial partner of Slate Office REIT.\u201d<\/em><\/p>\n

Earlier this year, the Real Deal<\/em> reported that Lincoln Property Co., in a joint venture with the Illinois Teachers\u2019 Retirement System, hired CBRE to market 120 S. LaSalle for sale.<\/p>\n

Completed in 1928 and fully renovated in 1998, at 23 stories, the building currently stands 84 percent occupied with a weighted average lease term of 10.4 years. The property is anchored by CIBC Capital Markets, which utilizes 45 percent of the leaseable space.<\/p>\n

\"120<\/a>

120 S. LaSalle<\/p><\/div>\n

According to Antoniak, the appeal of the building for the REIT was the cash flow growth opportunities from contractual rental increases, near-term leasing opportunities and rents that are around 21 percent below market. That created a great opportunity to enhance value via a re-imagined amenity offering, retail repositioning and office lease-up.<\/p>\n

Additionally, the building is close by 20 S. Clark, a 30-story, 400,291-square-foot office building that is another of the REIT\u2019s assets, helping the company with operating, leasing and marketing synergies.<\/p>\n

Making Moves<\/strong><\/h2>\n

The REIT also agreed to sell 139 Water St., an 84,058-square-foot office building, along with the Water Street Properties in St. John\u2019s, Newfoundland for $17.5 million.<\/p>\n

The sale is being completed thanks to $14.8 million of cash and a vendor-take-back loan in the amount of $2.7 million. Secured by the Water Street Properties, the vendor-take-back loan bears interest at 8 percent and will mature in August 2020.<\/p>\n

Both transactions are subject to customary closing conditions and are expected to be finalized in the third quarter of 2018.<\/p>\n

In March, Slate Office REIT paid $191.4 million<\/a> to acquire a portfolio of seven properties in Greater Toronto and Atlantic Canada. The seller of the assets, which total nearly 1 million square feet, was Cominar Real Estate Investment Trust. <\/p>\n

According to the company, the REIT plans to initially use the net proceeds from these deals to decrease outstanding debt, which may be redrawn to fund future acquisition activity.<\/p>\n

Images courtesy of Yardi Matrix
\n<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The Toronto-based company acquired the 23-story 120 S. LaSalle and also entered into an agreement to sell a group of Water Street properties in St. John\u2019s, Newfoundland for $17.5 million.<\/p>\n","protected":false},"author":451,"featured_media":1004247188,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21743,21808,21783,13,21742,21747],"tags":[32789,36983,39573,32838,39570],"class_list":["post-1004247170","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-deals","category-featured","category-investment","category-midwest","category-latest","category-office","tag-cbre","tag-cibc-capital-markets","tag-cominar-real-estate-investment-trust","tag-lincoln-property-company","tag-slate-office-reit"],"acf":[],"yoast_head":"\nSlate Office REIT Snags Chicago Office Building for $156M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/slate-office-reit-snags-chicago-office-building-for-156m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Slate Office REIT Snags Chicago Office Building for $156M\" \/>\n<meta property=\"og:description\" content=\"The Toronto-based company acquired the 23-story 120 S. 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