CIM Group Grabs $191M Chicago Office Asset
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440 S. LaSalle in Chicago
Chicago—CIM Group has expanded its presence in Chicago by 1 million square feet with the acquisition of Four40, the office tower located at 440 LaSalle St. in the city’s business and financial district in the Central Loop area. CIM purchased the property from Tier REIT Inc. in a $191 million transaction.
Four40, formerly known as One Financial Center, last changed hands at the height of the market. It was in 2007 when Tier, then Behringer Harvard REIT I Inc., purchased the asset from Beacon Capital for approximately $270 million in a four-property portfolio transaction. But names and price tags aren’t all that have changed; the office destination has undergone a transformation of sorts, courtesy of a recently completed renovation that added a 25,000-square-foot tenant amenity space to the 31-year-old property…
