The buyer is pension fund buyer RREEF, now owned by DeutscheBank, AG. Lend Lease and Buck put the asset on the market thissummer, less than a year after the 1.3-million-sf tower, 51-storyat 1 N. Wacker Dr. was completed. The property changes hands with92% of the space leased, with anchor tenant UBS joined byPriceWaterhouseCoopers, Merrill Lynch and Options ClearingCorp.

|

The John Buck Co., which already has started work on anotheroffice tower a short walk south on Wacker Drive, stays on asproperty manager.

|

Blake Johnson and Steve Livaditis of Eastdil Realty Co. brokeredthe deal, which is just one Downtown office sale that has been inthe works. Besides two Central Loop office buildings owned byMetropolitan Life that have generated significant interest, 311 S.Wacker Dr. also has been on the block.

|

Lend Lease Real Estate and The John Buck Co. put the building onthe market after receiving unsolicited offers for the property.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.