At a glance
- Cushman & Wakefield advised the seller and remains an anchor tenant in the building.
- The 651,000-square-foot Class A tower sold for about $177 a square foot.
- For allocators with Chicago office exposure, the trade supplies a current per-square-foot reference of roughly $177 for a Class A tower with an anchor tenant in place.
Spear Street Capital sold 225 W. Wacker Drive, a 31-story office tower in downtown Chicago, to Prime Finance and Hines for $115 million, Connect CRE reported. Cushman & Wakefield advised the seller and remains an anchor tenant in the building.
The 651,000-square-foot Class A tower sold for about $177 a square foot. It sits at Wacker Drive and Franklin Street, where the West Loop and River North meet.
For allocators with Chicago office exposure, the trade supplies a current per-square-foot reference of roughly $177 for a Class A tower with an anchor tenant in place. It provides a comparison for values carried in fund reports and appraisals.
Cushman & Wakefield advised Prime Finance on acquisition financing. The size and terms of that loan were not disclosed.
Cushman & Wakefield is expected to be retained to oversee property management and agency leasing at 225 W. Wacker on Prime Finance's behalf.
Prime Finance was last covered as a lender, providing a $56.7 million loan for an East Village apartment refinancing, as Private Real Estate Daily previously reported.
Reported by the Deals desk from Connect CRE. Published . Corrections