The building, formerly known as Xerox Centre, is being transferred from one pension fund to another. US and foreign pension funds, endowments, foundations and corporations are investors in the LaSalle Investment Management Income & Growth Fund III.
Built in 1980, the 40-story building at the southeast corner of Dearborn and Monroe streets was renovated in 2002. Published net lease rates at the property range from $15 per sf to $19 per sf.
The deal is one of several involving Downtown office buildings scheduled to close this year, when sales volume is expected to top $1 billion.
Daniel C. Witte handled negotiations for LaSalle Investment Management. The Chicago office of Eastdil Realty Co. represented the seller.
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