CB Richard Ellis Buys Chicago Tower

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Los Angeles-based CB Richard Ellis Group Inc. agreed to pay $137 million for a 40-story office tower in Chicago from a joint venture that includes insurer MetLife Inc., Crain’s Chicago Business reported, citing people familiar with the transaction.


The price for the building with 800,000 square feet of space is more than $170 a square foot, Crain’s said. The building, at 190 S. LaSalle St., is 58 percent vacant, one of the highest vacancy rates in the downtown area where selling prices have been hurt by a glut of new buildings with too few growing businesses to fill them.


The building’s previous largest tenant, law firm Mayer Brown Rowe & Maw LLP, left last year, Crain’s said.


In another announcement Malaysian Airline System Bhd., Malaysia’s biggest carrier, said it has hired CB Richard Ellis to help sell its overseas assets in a bid to revive earnings.

State-controlled Malaysian Airline, which has posted losses for three straight quarters, is trying to sell assets, overhaul routes to return to profit by 2007. CB Richard Ellis is considered the world’s largest provider of commercial real estate services

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