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Ascentris, Lincoln Close on Central Loop High-Rise

Joint Venture Acquires 120 N. LaSalle fromo Prudential Financial
January 4, 2018
Denver-based real estate private equity firm Ascentris partnered with Dallas-based Lincoln Property Co. to acquire the 120 N. LaSalle St. tower in Chicago's Central Loop from Prudential Financial (NYSE: PRU). The sale price was not disclosed.

LPC happens to be a tenant in the 390,769-square-foot, 38-story high-rise, which is currently 88% leased. The commercial real estate developer and manager has occupied space in the building for more than 20 years and will continue to market and manage the property on behalf of the new ownership venture.

The office building was constructed in 1991 across from Chicago's city hall and two blocks from the CTA Washington and Clar & Lake Blue Line stations. It also provides direct access to Chicago's underground Pedway system.

In a statement, Ascentris confirmed it plans to make several improvements to stabilize occupancy and maintain 120 N. LaSalle's Energy Star and LEED certifications. These upgrades include a new tenants-only fitness center and tenant lounge with a roof deck, lobby improvements, and upgrades to the elevators and building facade.

"We are excited about this investment given the quality of the building, the strength of its location and the stability of its occupancy history. 120 N. LaSalle provides the security of a core property holding with the potential for upside through lease-up and the addition of new building amenities that will benefit existing and future tenants," said Daniel Cohen, managing director with Ascentris.

Designed by renowned architect Helmut Jahn, 120 N. LaSalle features 14,000-square-foot floorplates, six levels of valet-served structured parking and two restaurants, City Social and Siam Rice, on the ground floor.

Representatives with Eastdil Secured negotiated the disposition for Prudential Financial. Ascentris acquired the building on behalf of one of its public retirement system clients.

Please see CoStar Comp #4096139 for more information on the transaction.

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