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CHICAGO-KBS Real Estate Investment Trust II, based in Newport Beach, CA, has bought the new, 60-story 300 N. LaSalle building here for $655 million, one of the largest commercial real estate transactions in the country this year and the biggest in the city for at least five years. Hines Interests, the developer of the building, was the seller, but will remain the manager of the property.

The 1.3-million-square-foot tower was completed in spring 2009, one of the last office buildings completed in the Chicago following the economic downturn. The building has enjoyed premium status during two years of dropping vacancy downtown, with very little new space on the drawing board.

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