$435 million deal for West Loop of Chicago office tower

This deal in the West Loop of Chicago recently closed, details are in this article.

KBS Realty Advisors LLC is set to pony up $435 million for a West Loop office tower, the biggest price tag in Chicago since the same firm's 2010 acquisition of a River North skyscraper.

Newport Beach, Calif.-based KBS has agreed to pay almost $300 per square foot for the nearly 1.5 million-square-foot structure at 500 W. Madison St., also known as Citigroup Center, sources said.

If the sale is finalized as expected, it will be the highest price for a Chicago office tower since KBS paid $655 million for the 1.3 million-square-foot tower at 300 N. LaSalle St. in July 2010. That deal's $503 price per square foot remains a Chicago record.

Because of the government shutdown, September Bureau of Labor Statistics haven't been released, and the BLS website has no update as to their release.  The monthly BLS number has been known to greatly effect the 10 year US Treasury bond which has its own complicated relationship with mortgage rates. 

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