The privately held real estate investment advisory firm bought the distinctive 333 W. Wacker Dr. office tower as well as 444 N. Michigan Ave. on behalf of KanAm Grundinvest Fonds, which had six assets in the US and Europe. Besides occupancy well above average for their submarkets, both buildings have been renovated or are undergoing work.

WestWind Capital Partners reportedly paid $208 million to Beacon Capital Partners' Strategic Partners II Fund and the John Buck Co. for the 867,821-sf 333 W. Wacker Dr., an award-winning green-glass curved tower overlooking the Chicago River at its North and West branches. "The property's superb location, iconic design, strong tenant roster and below-market rates promise strong returns for KanAm and its investors," says WestWind Capital Partners managing director Stephen D. McCarthy.

Nuveen Investments and law firm Skadden, Arps, Slate, Meagher & Flom and Sheldon Good & Co. are on the tenant roster at 333 W. Wacker Dr., where occupancy is at 93%. Total vacancy in the West Loop is 22.7%, according to US Equities Realty's most recent market report. Published net lease rates at the 21-year-old building, which the joint venture acquired in 2000 for $140.5 million, start at $18 per sf.

WestWind Capital Partners reportedly paid New York-based the Andalex Group $100 million for a 90% interest in the 503,000-sf 444 N. Michigan Ave. The Andalex Group paid $85 million for the property in 2002. "We believe this asset is well-positioned to benefit from Chicago's continued economic growth, especially as a center for media, advertising, technology and entertainment firms," McCarthy says. Adds the Andalex Group president and chief executive officer Allen Silverman, "With continued top quality management and amenities, 444 North Michigan is a great building that will continue to outperform the market."

AT&T, Viacom, National Cable Communications, Google, 20th Century Fox Film and law firm Shefsky & Froehlich have space at 444 N. Michigan Ave., where occupancy is 90%. Total vacancy in the North Michigan Avenue submarket is 14.9%, according to US Equities Realty. In addition, the building has retail tenants in Delmonico's, Starbucks and Payless Shoes.

The John Buck Co. stays on as leasing and property manager at 333 W. Wacker Dr. Steve Livaditis of Eastdil Realty represented the joint venture between Beacon Capital Partners and the John Buck Co. WestWind and Andalex negotiated between themselves.

Instant Insights /

WestWind Sweeps Into Downtown With $300M Buys

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