CHICAGO – June 20, 2016 – CIM Group announced today the purchase of 440 S LaSalle, an approximately 1.04 million-square-foot, 39-story office building located at the base of LaSalle Street and Congress Parkway at the south end of Chicago’s business and financial district. Built in 1984, this signature Chicago property is comprised of an approximately 954,000-square-foot tower and an 83,000-square-foot annex overlooking Congress Parkway, a landscaped 45,000-square-foot outdoor plaza with seating, a 5,000-square-foot retail outparcel, and a 325-car underground parking garage.
Renovations to the property were completed in 2015, which included the addition of a 25,000-square-foot tenant amenity space occupying the building’s third floor. The contemporarily designed, spacious gathering spot offers tenants an upscale urban cafeteria, conference centers, and a terrace lounge with a variety of seating options for informal meetings or breaks with WiFi connectivity, an expansive outdoor deck and indoor fireplace. Also on the third floor is the Buckingham Club, a private social and athletic club with a state-of-the-art fitness center, lap pool, golf driving range, basketball and racquetball courts, and members-only restaurant and cocktail lounge. Additionally, the Buckingham Hotel is located on the 40th floor and includes 21 oversized hotel rooms.
The acclaimed and Michelin-rated French restaurant Everest is located on the 40th floor, providing tenants and patrons with an exclusive dining option and stunning views of Lake Michigan, Downtown, and the South and West Loops. Other tenants include the Chicago Stock Exchange and premier professional services companies.
Ideally located in the Central Loop, 440 S LaSalle is close to many public transportation lines. At the building’s south entrance is the LaSalle Metra station and adjacent to the property are the elevated and subway CTA lines providing easy access to O’Hare and Midway Airports. In addition, 440 S LaSalle is the first building at the end of the I-290/Eisenhower Expressway, offering convenient access for tenants and visitors travelling from the suburbs.
CIM identified Chicago as possessing the attributes that fit CIM’s investment model that focuses on established and emerging urban areas with solid infrastructure and transportation networks. 440 S LaSalle adds to CIM’s growing portfolio of investments in Chicago including Block Thirty Seven, the 275,000-square-foot 5-level retail center in Chicago’s Loop, the 34-story, 690-unit Marquee at Block 37 residential apartment tower CIM recently completed atop Block Thirty Seven, 625 N. Michigan office building, and the apartment tower at 1001 South State Street.
About CIM Group
CIM Group is a leading real estate and infrastructure investment firm that since 1994 has systematically and successfully invested in dynamic and densely populated communities throughout North America. CIM Group draws on its experienced team of real estate, investment and finance professionals to identify and pursue investment opportunities in five strategic categories: repositioning and development projects, well-positioned operating properties, value-add properties, debt, and infrastructure. Headquartered in Los Angeles, CIM maintains regional offices in New York, the San Francisco Bay Area, Bethesda, Maryland, and Dallas. For more information, please visit www.cimgroup.com