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News release


Record Pricing Continues in Downtown Chicago’s Office Market

JLL closes sale of 353 N. Clark

CHICAGO, DEC. 9, 2014 — Demand for prime office towers in Chicago’s Central Business District continues to grow as investors, ranging from domestic institutional to foreign, bid to acquire top product in the market.  JLL’s Capital Markets said today that the sale of 353 N. Clark, which has now been completed, is believed to have achieved the  second-highest amount ever paid for a Chicago office building on a per square foot basis.  JLL represented the seller, Tishman Speyer, in the transaction. 

International Director Bruce Miller and Senior Vice President Nooshin Felsenthal led the JLL team on the transaction.

“Even with falling cap rates, both domestic and foreign investors remain extremely bullish on the downtown Chicago office market,” said Miller. “353 N. Clark’s pricing further demonstrates the intense level of competition among investors to obtain Trophy Class A space in a top-performing market.”

Added Felsenthal, “Chicago CBD’s booming technology sector, migration of companies to the urban core and healthy job growth is drawing vigorous competition for high quality, well located assets, pushing prices to record levels. 353 North Clark’s River North location and unencumbered views provide enduring asset value.”

The 46-story building totals 1.2 million square feet and hosts tenants including Mesirow Financial, Jenner & Block, Spencer Stuart and Intercontinental Exchange.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2013 alone, JLL Capital Markets completed $99 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.

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About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.0 billion and gross revenue of $4.5 billion, JLL has more than 200 corporate offices, operates in 75 countries and has a global workforce of approximately 53,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.0 billion square feet, or 280.0 million square meters, and completed $99.0 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $53.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit​