One North LaSalle, a 493,738-square-foot office tower located in Chicago’s bustling LaSalle Street corridor, has been acquired by Namdar Realty Group and Mason Asset Management through a deed-in-lieu of foreclosure. The transaction was completed with the assistance of Andy DeMoss, senior managing director at Bradford Allen who will continue to oversee leasing for the property. This acquisition is part of a growing trend of increased investment activity in Chicago’s real estate market as evidenced by nine office properties selling for $120 million in just the third quarter alone according to research from Bradford Allen.
Elliot Nassim, president of Mason Asset Management stated that taking ownership of One North LaSalle demonstrates their dedication to positively contributing to the Chicago real estate market. Originally built in 1929 and once recognized as the city’s tallest building, One North LaSalle was designated as a landmark in 1996 and added to the National Register of Historic Places three years later. Today it offers modern amenities such as a fitness center, conference rooms and tenant lounge while still maintaining its historic charm.
The recent acquisition news comes from Connect CRE where they reported on Namdar Realty Group and Mason Asset Management joining forces to purchase One North LaSalle – an impressive 493k square foot office tower situated along Chicago’s renowned business district on Laselle Street.
Bradford Allen’s Senior Managing Director Andy DeMoss will continue leading leasing efforts for this iconic property which adds yet another notch under his belt after successfully completing this deal between both parties involved.
Chicago continues seeing heightened investor interest with nine offices being sold off during Q3 totaling over $120 million based on data collected by Bradford Allen themselves!
President Elliot Nassim expressed how acquiring ownership rights over such an esteemed location further solidifies their commitment towards making positive contributions within Chi-Town’s ever-growing realty sector; originally constructed back when ‘29 rolled around – it held onto its title as the city’s tallest structure for quite some time – One North LaSalle was designated a Chicago landmark in 1996 and added to the National Register of Historic Places just three years later. Today, it boasts state-of-the-art amenities such as a fitness center, conference rooms and even its very own tenant lounge!
