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Chevron's former headquarters comprising 280,000 square feet and 473,000 square feet in two buildings are being sold to Paramount later this year for $722 million or $959 per square foot.
The 832-foot tall tower building will be the largest building on Michigan Avenue. The $470-million project is being financed by Goldman Sachs. Construction is expected to begin in December.
The 26,174-square-foot property is fully leased by Allegheny Health Network, a subsidiary of Highmark Health Inc. No financial terms of the transaction were released.
Under the terms of the agreement, Realogy will receive $375 million in cash at closing, subject to certain adjustments, and a $25-million deferred payment.
Following the Oct. 31 ceremony, Circle Squared Alternative Investments and the PRC Group broke ground on City Line East, a 198-unit luxury apartment project that will also include 8,564 square feet of retail space.