The building is being marketed by Lend Lease's Value Enhancement Fund III LP after unsolicited offers were received. Sales price is expected to surpass $400 million.
Although lease rates were not disclosed, Citadel Investment Group signed a deal for 161,488-sf at $48 per sf, a deal publicly-held Prime Group Realty Trust assumed when it lured the company to its Dearborn Center project. At that rate, the Merrill Lynch deal would be worth $24 million while the General Reinsurance lease would check in at $17 million.
Robert Schmidt, Pam Stamataky, and Jack Keenan of The Staubach Company represented Merrill Lynch while Jeffrey P. Samaras, Kent Ilhardt, and Steve Bersell of Cushman & Wakefield represented General Reinsurance. Sitting on the other side of the table in both deals was Barb Schenberg Glazer of The John Buck Co.
"Both of these tenants are anticipated to incorporate the technology capabilities of the building to allow for their businesses to operate 24/7 without interruption," says John Buck Co. principal Drew Nieman.
The tower was 15% pre-leased when construction began but the development was buoyed by a 450,000-sf lease with UBS AG. That deal resulted in naming the building UBS Tower.
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