Anchored by Deloitte & Touche, 111 S. Wacker Dr. now boasts an 85% occupancy rate, having recently landed Gallup Organization as a tenant. Also on the tenant roster are Lord Bissell & Brook LLP, RR Donnelley, Grippo & Elden, Bloomberg and Ventas, Inc.
"This building leased faster in more difficult market conditions than our previous major office project at 1 N. Wacker Dr.," says John Buck Co. chief financial officer Kent Swanson. His company will serve the new owners as leasing agents and property manager, he adds.
John Buck Co.'s quick sale of the building is similar to its ownership of 1 N. Wacker Dr., renamed UBS Tower for its anchor tenant. Finished in 2002, the 1.7-million-sf building at Wacker Drive and Madison Street drew unsolicited offers, ultimately going to Rreef for $415 million.
"The stable cashflow in combination with the rent growth potential at this premium site make the acquisition of 111 S. Wacker Dr. a highly attractive investment for DIFA," says Reinhard Kutscher, member of the DIFA management board. His group already had $526 million invested in US real estate.
Steve Livaditis and Blake Johnson of Eastdil Realty brokered the deal.
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