The investment arm of CBRE Inc. is set to buy one architecturally significant Loop office tower and sell another, taking part in both sides of a frothy downtown investment market in deals worth more than $500 million combined.
Los Angeles-based CBRE Global Investors has agreed to pay about $300 million for the glassy, 50-story tower at 181 W. Madison St., according to sources. The firm is buying the high-rise, designed by Cesar Pelli, from General Electric Co.’s pension fund, which bought the property for $294 million in 2006.
CBRE Global Investors also has agreed to sell the 40-story postmodern tower at 190 S. LaSalle St., whose architect was Philip Johnson, for about $211 million, sources said. The buyer is New York-based Tishman Speyer Properties L.P.
The sales reflect a strong office investment market in downtown Chicago.
Read more in Crain’s Chicago Business.
