70°

Topics

Donald Bren
Irvine Co. $850-million skyscraper purchase sets Chicago record
Irvine Co. $850-million skyscraper purchase sets Chicago record

Irvine Co., the developer led by billionaire Donald Bren, agreed to purchase a 60-story Chicago skyscraper from an affiliate of KBS Realty Advisors for $850 million. The 1.3-million-square-foot tower on the Chicago River, completed in 2009, is "one of America's finest office towers," said Doug Holte, president of the office properties division of Newport Beach-based Irvine Co. "The location and the product and the tenant roster make it an opportunity we couldn't pass up to expand our Chicago portfolio." The price represents an almost 30% increase from the $655 million that KBS paid for the tower four years ago, when the commercial property market was near...

Loading