While it underwent extensive interior and exterior renovation designed by the architecture firm of Skidmore, Owings & Merrill, the 130,000-sf building's location in the desirable West Loop submarket two blocks from the Richard Ogilvie Transportation Center was a selling point.

The sale is the third major office deal in the West Loop, with the three sales totaling $99.5 million. The other two sales involved 29-story 200 W. Jackson Blvd., which sold at $84 per sf, and 200 W. Madison St., which traded at $35 per sf.

The 29 N. Wacker Dr. purchase was made for the $250-million private-equity Intercontinental Real Estate Fund III, LLC, which is targeting current returns of 8% to 9% and an internal rate of return of 15% in its acquisitions. Planning to have up to 50% of its acquisitions outside New England, the fund's first acquisition included the 75,000-sf Canyon at Wild Basin in Austin. TX.