KBS Closes $850M Sale of 300 N. LaSalle

CHICAGO—Officials from KBS Real Estate Investment Trust II said yesterday that they had closed on the sale, first announced in May, of the 300 N. LaSalle building to the Newport Beach, CA-based Irvine Company for $850 million, the most ever paid for a Chicago office building. The deal was also the third-largest office building transaction in the US this year, according to CoStar. KBS paid $655 million for the 60-story, 1.3-million-square-foot tower on the Chicago River back in 2010.

“In 2010, KBS REIT II saw a unique opportunity in 300 N. LaSalle during uncertain economic times,” said chief executive officer Charles J. Schreiber in a prepared statement. “We developed and implemented a strategy over a 4-year period and ultimately exceeded our business plan on behalf of KBS REIT II investors.”