The Chicago office of Hines has announced that a subsidiary of Hines-Sumisei U.S. Core Office Fund, L.P. (Core Fund) has acquired an approximate 80% interest in 333 West Wacker in Chicago from Kan Am Grund Kapitalanlagegesellschaft MbH, a German investment firm advised by Westwind Capital Partners (KanAm-Westwind). The remaining 20% interest was acquired by institutional investors advised by General Motors Investment Management Corporation. Hines will manage and lease the property.
The Core Fund is an investment vehicle organized by Hines and Sumitomo Life Realty (N.Y.), Inc., to acquire a geographically diverse portfolio of core office buildings in the U.S. The fund also has an interest in 101 Second Street and the KPMG Building in San Francisco; Golden Eagle Plaza in San Diego; 600 Lexington, 499 Park Avenue and 425 Lexington in New York; One and Two Shell Plazas in Houston; 1200 19th Street NW in Washington, D.C., Three First National Plaza in Chicago, and 720 Olive Way in Seattle.
333 West Wacker is a 36-story office building containing 867,821 sq.ft. located in Chicagos West Loop submarket in the citys central business district. The building is located on a bend in the Chicago River and is surrounded by an array of amenities. Designed by Kohn Pedersen Fox Associates, the building was completed in 1983 and includes a four-level subterranean garage. 333 West Wacker is approximately 95% leased to tenants including: Skadden, Arps, Slate, Meagher & Flom, LLC; Nuveen Investments, Inc.; and Barack Ferrazzano Kirschbaum Perlman & Nagelberg LLP.
"We are very pleased to have the opportunity to purchase a property with a superior location, timeless architecture, and a quality roster of tenants in a growing city like Chicago," said Hines Senior Vice President Tom Danilek.
This represents a unique opportunity for the Core Fund to acquire a perfectly located landmark asset in Chicago. We believe the attributes of 333 West Wacker position it to benefit from a growing demand in the market for view space and improving real estate fundamentals in the Chicago CBD, said Charles Hazen, president of the Core Fund.
KanAm-Westwind was represented in the sale by Eastdil Secured, LLC. Hines represented the Core Fund.
Source: Hines
