Prudential Picks Up 120 N. LaSalle St.

CHICAGO-Utah State Retirement System has sold its 383,440-sf office tower across LaSalle Street from city hall to Prudential Real Estate Investors. Although a price was not disclosed, the building designed by architect Helmut Jahn had been on the market for $85 million.

Utah State Retirement System acquired the 40-story building at 120 N. LaSalle St. for slightly less than $40 million in 1997. The Cook County Assessor’s office placed a similar market value on the 12-year-old building.

Occupancy for the Central Loop building is 88%, with a tenant roster laden with law firms as well as State Farm and Washington Mutual.

CB Richard Ellis Investors SVP Tony Smaniotto and CB Richard Ellis SVP Michael Vesper represented Utah State Retirement System in the deal with Collete English Dixon and Jeanne Peck of Prudential Real Estate Investors.

The $221 per sf price sought for 120 N. LaSalle St. was among the richest in a Downtown market place that saw 525 W. Van Buren St. trade for $257 per sf.