A 2.1 million sq. ft. portfolio of Chicago office properties has officially changed hands. Earlier today, Younan Properties announced that it completed the acquisition of 200 North LaSalle, a 630,000 sq. ft. high-rise located in the heart of downtown Chicago. The 30-story trophy skyscraper is the final office building in the seven-property commercial portfolio that Younan Properties acquired from Chicago-based Transwestern Investment Company.
“200 N. LaSalle is a prime asset in a very strategic location that will benefit from the strong positive absorption and leasing activity currently taking place in the Chicago market,” says Zaya Younan, chairman and CEO of Younan Properties. Younan plans to invest another $2 billion in the Chicago-area property market over the next six to 12 months.
“Over the last three quarters, Chicago has shown very strong positive absorption across all submarkets. We predicted this positive movement and we continue to feel good about it as we continue our aggressive plan to become one of the top five office landlords in Chicago,” he adds.
Located on the northwest corner of West Lake and North LaSalle Streets in The Loop, the historic center of downtown Chicago, the green-tinted glass tower encompasses 630,000 sq. ft. It was built in 1984 and is only 8% vacant.