Ascentris and Lincoln Property Company Acquire 120 North LaSalle, an 88% Leased Class A Office Tower in Chicago
Denver, CO (December 28, 2017) – Ascentris, a Denver-based real estate private equity firm, on behalf of one of its public retirement system clients, announced today the purchase of 120 North LaSalle, a 383,000 square-foot, 38-story, LEED Gold Certified Class A multi-tenant office tower in Chicago’s Central Loop submarket. The property, which was designed by famed architect Helmut Jahn, was built in 1991. The purchase price was not disclosed.
The property is located in the heart of downtown Chicago across LaSalle Street from City Hall. It has direct access to Chicago’s underground Pedway system and is within two blocks of an “L” train stop. Besides proximity to public transportation, the property has a valet parking garage with 364 spaces. The office tower has two restaurants, City Social and Siam Rice, on the ground floor and boasts a 98 Walkscore. The 14,000-square-foot boutique floorplates offer prospective tenants unique full-floor opportunities otherwise unattainable in Chicago’s CBD.
Ascentris’s business plan calls for stabilizing occupancy while capitalizing on increased tenant demand in downtown Chicago. Ascentris will maintain 120 North LaSalle’s Energy Star and LEED certifications while completing key tenant-facing capital improvement projects, including a new tenants-only fitness center, a tenant lounge with a roof deck and lobby improvements. Other anticipated capital projects include an elevator modernization and façade improvements.
Ascentris partnered with Lincoln Property Company’s Chicago office to purchase and own the property. Lincoln, who has been a tenant in the building for more than 20 years, will continue to serve as both the property manager and leasing agent for the property.
“Ascentris acquired 120 North LaSalle thanks to strong relationships with all the parties involved. We are excited about this investment given the quality of the building, the strength of its location and the stability of its occupancy history. 120 North LaSalle provides the security of a core property holding with the potential for upside through lease-up and the addition of new building amenities that will benefit existing and future tenants,” said Ascentris Managing Director Daniel Cohen.
The sale was brokered by Eastdil Secured.