KBS Real Estate Investment Trust II reported Thursday that the value of 300 North LaSalle in Chicago had increased to $776 million, an 18.5 percent increase over the $655 million price the California-based non-traded REIT paid for the building in July 2010.
Its current valuation is a 4.4 percent increase over the value of the property since December 18, 2012.
The value increase is primarily due to the “continued strength in investor demand for new, well-leased trophy properties, including in the Chicago CBD,” wrote KBS.
Developed by Hines and completed in March 2009, 300 North LaSalle is a 1.3 million square foot, Class A office tower in Chicago’s Central Business District. The 57-story building, which earned LEED Platinum certification earlier this year, is still managed by Hines. It was 99 percent leased at the beginning of the fourth quarter of this year.
The purchase of the 60-story tower ranked as one of the country’s largest commercial real estate transactions in 2010.
The trophy building offers virtually column-free floor-plates, floor to ceiling windows and 25,000 square-foot, rectilinear floor plates designed to efficiently plan for both single tenant and multi-tenant users. Designed by Pickard Chilton, the property offers on-site amenities including a fitness center, conference facilities, a 233 space underground parking facility, and 21,474 square feet of retail including a retail bank, full service café and white table cloth restaurant.