‘Big Red’ Reportedly Under Contract for $370M
Locally-based John Buck is reportedly in contract to sell the former CNA Center to a partnership of SHVO, Deutsche Finance and BLG Capital.
CHICAGO—The John Buck Co. is poised to sell the 1.2-million-square-foot 333 S. Wabash Ave. office building, known in the market as “Big Red” to a New York City-based partnership for $370 million, according to multiple published reports.
Locally-based John Buck is reportedly in contract to sell the former CNA Center to a partnership of SHVO, Deutsche Finance and BLG Capital. The deal was first reported by Crain’s Chicago Business.
John Buck and affiliates of Morgan Stanley acquired the 44-story property in 2016 for $108 million. CNA Financial relocated most of its headquarters operations from Big Red to John Buck Co.’s 151 N. Franklin St. office building in June 2018. John Buck reached a major deal with Northern Trust to occupy 462,000 square feet of space at 333 S. Wabash Ave. in August 2018.
The 333 S. Wabash property is currently 92% leased. In addition to Northern Trust, other tenants at the property include the Chicago Housing Authority and CNA Financial, according to the Crain’s Chicago Business report.
Last November, the John Buck Company and partner Intercontinental Real Estate Corporation revealed the name and branding of the team’s two-tower, mixed-use development currently under construction at 855 W. Madison St. as “The Venn.”
The complex, topped off in July 2019, is scheduled to deliver in late spring 2020, The Venn occupies a full-block site in the West Loop. Upon completion, The Venn will feature 586 residences—319 in the north tower, 254 in the south and 13 rental townhomes with private entrances along Peoria and Monroe streets. The two 17-story towers will be connected by a two-story podium that includes 11,000 square feet of retail space and 278 parking spaces.