The Chicago office of Hines has announced that its Hines U.S. Office Value Added Fund II, L.P. (HVAF II) has acquired 101 North Wacker, a 23-story, 600,000-ft² office building located in the West Loop submarket of Chicago's Central Business District. The project was part of a six-building portfolio purchase where Tishman Speyer designated Hines as the purchaser. Tishman Speyer acquired the remaining five properties in the simultaneous closing. Financials on the deal were not disclosed.
101 North Wacker in Chicago.
Designed by Perkins and Will, 101 North Wacker was completed in 1980, and underwent a renovation in 1990. The building features excellent amenities and is in a superior location on the northeast corner of Wacker Drive and Washington Street, steps away from Chicago's commuter train stations (Ogilvie & Union stations). 101 North Wacker is 83% leased to a diversified mix of tenants including: TTX Company, Hartmarx Corporation, YMCA and The Segal Company. Hines will manage and lease the property.
"The purchase of 101 North Wacker gives us the opportunity to improve upon a superbly located office building in the popular West Loop submarket through renovation and enhancing the building's leasing profile," said Dave Congdon, senior vice president and HVAF II fund manager. "We are looking forward to reintroducing the property to the market with our plans for its renovation and transformation," said Tom Danilek, senior vice president with Hines in Chicago. "We are excited about this opportunity."
The seller was represented by Eastdil Secured. Hines represented itself in the transaction.
Hines owns and/or manages nine other buildings in Chicago's Central Business District including: 333 West Wacker, One South Dearborn, Harris Bank Building, Three First National Plaza and 321 North Clark. Hines also has three projects under development in the Chicago Central Business District: 300 North LaSalle (under construction), Wolf Point and 200 North Riverside/River Point. Hines currently manages over seven million square feet in the Chicagoland area.