LaSalle Investment Acquires Chicago’s 101 N. Wacker from Hines

Photo from: cpexecutive.com

By: Barbra Murray | Sept 5th, 2014 | Commercial Property Executive

LaSalle Investment Management, acting on behalf of client Bayerische Ärzteversorgung, the Bavarian doctors’ pension fund, has snapped up the office tower at 101 N. Wacker Dr., in Chicago’s coveted West Loop submarket. LaSalle purchased the 600,000-square-foot building from Hines Interests LP, which had acquired the property through its Hines U.S. Office Value Added Fund II L.P. in 2007 for $129.5 million. Originally developed in 1980 by Fifield Cos., 101 N. Wacker has maintained its sheen over the years through a series of upgrades, including a recent $12 million building renovation and a $27 million rebuild of a majority of the tenant suites. Ninety percent leased, the building is home to the likes of consulting firm Segal Co., railcar owner and manager TTX Co. and YMCA. Read More...