CHICAGO, Ill., May 19, 2014 — The Irvine Company today announced it has entered into an agreement to acquire 300 North LaSalle, an award-winning 60-story, 1.3 million-square-foot landmark downtown office property overlooking the Chicago River. The Irvine Company is purchasing 300 North LaSalle as a long-term investment that is complementary to its primary California real estate portfolio.
“The Irvine Company will continue to be geographically focused on its core California real estate markets, however, the acquisition of 300 North LaSalle represents a unique opportunity to invest in an iconic national building that shares many of the same community amenities we embrace in California,” said Doug Holte, president of Irvine Company Office Properties. “300 North LaSalle offers a central business district location with all the excitement of River North, Chicago’s innovation center and a destination for dining, shopping, culture and metropolitan living. The area is home to technology incubators and startups as well as established innovators such as Groupon, Razorfish and Google’s Motorola Mobility.”
Complements California Investment
The addition of the office building comes as the Irvine Company marks its 150th anniversary and continues the active master plan implementation of the new city of Irvine, Calif.
This month, the company debuts Irvine’s latest residential village, Orchard Hills, set among working avocado groves and acres of permanently preserved parklands and open space.
In the Irvine Spectrum, home to more than 3,500 companies and 80,000 jobs, a 20-story premier office workplace is planned to provide additional employment opportunities with housing nearby. About half of those working in the Irvine Spectrum also live in the city.
At the Irvine Spectrum Center, a 1.2 million-square-feet open-air regional shopping center, enhanced shopping, dining and entertainment is planned to expand the area’s downtown setting for Irvine as well as servicing all of south Orange County.
New Rick Bayless Restaurant
The added dining and entertainment experiences at Irvine Spectrum Center, including Del Frisco’s Grille, follow the 2013 Orange County debuts of Fig & Olive and well-known Chicago chef Rick Bayless’ RED O restaurant at Fashion Island, a 1.5 million-square-foot open-air, coastal shopping center in Newport Beach. Later this summer, Cucina Enoteca, offering Italian classics from a modern kitchen in a rustic country farmhouse setting, opens at Fashion Island. The pairing of sophisticated dining and the exclusive movie-going experience of Island Cinema ? with luxurious, preselected seating and state-of-the-art technology ? creates the perfect night out at Fashion Island.
In Newport Beach and Irvine, the Irvine Company is reinvesting in Island Hotel Newport Beach with the creation of a destination restaurant and lounge, while in Irvine Hotel Irvine Jamboree Center is being transformed into an independent lifestyle hotel promising the intimacy and personalization of a boutique with the service, quality and consistency of an industry-leading hotel.
“Our commitment to California remains steadfast,” said Dan Young, Irvine Company president of community development. “In this 150th anniversary year for the Irvine Company, the community master plan will see a continuing level of investment that will bring new villages, added employment opportunities, exclusive entertainment, dining and shopping choices and other added enhancements for residents.”
The Irvine Company was attracted to 300 North LaSalle by the property’s world-class architectural design by renowned firm Pickard Chilton. 300 North LaSalle is a riverfront landmark with a distinctive, elegant façade of richly articulated glass and stainless steel. Completed in 2009, the building features 200 feet of frontage along the Chicago River with breathtaking city and lake views.
Amenities at 300 North LaSalle include a landscaped riverfront plaza, a waterfront cafe, white tablecloth restaurant Chicago Cut Steakhouse, a club-quality fitness center, a conference center overlooking the river, onsite banking and bike storage, pedestrian access to mass transit and three levels of private underground parking with valet and car wash service available.
300 North LaSalle is fully leased to tenants representing some of the most prestigious legal, financial, insurance and consulting companies.
A leader in environmentally friendly design and sustainable operations, 300 North LaSalle is certified LEED Platinum, the highest environmental recognition of its kind. The property also carries the EnergyStar label, a designation for buildings that meet the highest Environmental Protection Agency energy performance standards. In February, 300 North LaSalle was awarded the TOBY Earth Award from the Building Owners and Managers Association of Chicago.
The Irvine Company also owns Hyatt Center, a LEED Platinum, 48-story, 1.5 million-square-foot premier office property at Wacker Drive and Monroe Street in the West Loop submarket. For more on Irvine Company Office Properties, see IrvineCompanyOffice.com.
300 North LaSalle is being acquired for $850 million from KBS REIT II after a competitive bidding process overseen by HFF, a leading provider of commercial real estate and capital markets services that was represented by Jaime Fink, senior managing director of the Chicago office. KBS Capital Advisors, a Newport Beach, Calif.-based real estate investment firm, is the adviser to KBS REIT II.