Report: Tishman to pay $385 mil. for Clark Street tower

Tishman Speyer Properties LP said it bought a 46-story office tower in Chicago, boosting its holdings in the third-largest U.S. city. The price was $385 million, according to a person with knowledge of the transaction.

The building, at 353 N. Clark St. in the River North section of Chicago, was developed by Mesirow Financial Real Estate, New York-based Tishman said today in a statement. The person with knowledge of the price isn't authorized to disclose the information and asked not to be identified.

The 1.18 million-square-foot (110,000-square meter) property, which opened in 2009, is 79 percent leased, brokerage Jones Lang LaSalle Inc., which represented the seller, said in a separate statement today. Its largest tenants are Mesirow Financial and law firm Jenner & Block, Tishman said.

“As the city's largest owner of Class A office buildings, Tishman Speyer is well positioned to take advantage of market demand for the highest-quality space in Chicago,” Casey Wold, senior managing director, said in the statement.

Tishman Speyer owns 10 other properties in Chicago, including the Civic Opera Building on Wacker Drive and 161 N. Clark St., according to the company's website.