June 22, 2016
TIER REIT Inc. of Dallas has closed on its sale of the FOUR40 office building at 440 S. LaSalle St. in Chicago. The 1.0-million-square-foot property sold to CIM Group for $191 million.
The building in the Central Loop submarket was TIER REIT’s final holding in Chicago. According to CEO and president Scott Fordham, the sale was part of an overall plan to dispose of assets that don’t fit with the REIT’s long-term hold objectives.
On the other side, the buyer likes Chicago as an area offering solid infrastructure and transportation networks. CIM already owns the 275,000-square-foot Block Thirty Seven in the Loop, the 625 N. Michigan office building and 1001 South State Street, an apartment tower.