acquiring 125 S. Wacker for
a reported $109 million.
CHICAGO-Making its third high-rise acquisition in less than a year, MetLife Inc. has come to an agreement with Tishman Speyer Properties LP to acquire a 517,293-square-foot office building in the West Loop. Chicago Real Estate Daily reports that the deal is going down for approximately $210 per square foot, or $109 million.
The building at 125 S. Wacker Dr. is MetLife’s third acquisition in Chicago. Chicago Real Estate Daily notes that MetLife is paying $112 million for a 372,000-square-foot building at 500 W. Washington Blvd. and late last year, the company forked over $120 million for the 249-unit EnV at 161 W. Kinzie. Earlier in October, MetLife announced it would launch a third-party asset-management business to satisfy institutional investor demand and to take advantage of the current low interest rates.
The article reported that Tishman Speyer acquired 125 S. Wacker for $44 million in January, 2005. It was 60% leased at the time and Tishman Speyer invested $33 million on renovations. The office building, which came online during the mid-1970s, was 90% leased at the time of sale. Stephen Livaditis with Eastdil Secured LLC is brokering the transaction.