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CHICAGO-Tishman Speyer has completed the acquisition of 353 N. Clark for $385 million, about $35 million less than it cost seller Mesirow Financial to build the tower that was finished in October 2009. Mesirow had owed roughly $374 million from construction loans that were coming due.

The 1.2-million-square-foot tower in the city’s River North submarket was pre-leased to tenants that include anchors Jenner & Block and Mesirow itself. However, the property never got further than its current occupancy of 79%. Bruce Miller, managing director with Jones Lang LaSalle, tells GlobeSt.com that it was just the perfect storm for the developer.

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