150 N. Riverside Plaza | 150 N. Riverside Plaza
Three years after developing a 54-story office building at 150 N. Riverside Plaza and only 14 months after refinancing it for the second time, its owners are seeking to unload 49 percent ownership, or else the whole building.
Riverside Development and Wanxiang American Real Estate own the building that is expected to command $750 per square foot, real estate newsletter The Real Deal reports. At that rate, the whole building could sell for $900 million, putting it among the most expensive transactions in Chicago real estate history. The building has 1.2 million square feet of space.
In contrast, the newsletter noted, last year one of the biggest Chicago commercial real estate sales was of 500 W. Monroe St. for $412 million, which works out to $426 per square foot.
Jones Lang LaSalle, a real estate services firm, is helping to market the building, which houses Riverside Development’s Offices.
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