CHICAGO-Bethesda, MD-based LaSalle Hotel Properties Inc. has sold the lower floors of the previous One IBM Plaza building at a loss of $8 million. The REIT had acquired the 2nd floor to 13th floor of the 52-story tower at 330 N. Wabash Ave. situated on the north bank of the Chicago River in March 2008.
The buyer, who was not disclosed by the seller, paid $58.8 million for the property. LaSalle originally had plans to convert the floors into a hotel. For the full story, go to Crain's Chicago Business.
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