CHICAGO-An affiliate of Beacon Capital Partners has acquired the high-rise tower at 300 South Wacker Drive here for $112.5 million.
The Boston-based real estate investment firm acquired the property from Harbor Group International of Norfolk, VA, which purchased the 35-story office property in 2006 for $91.5 million, according to the Chicago Business Journal.
"We are pleased with the success of our investment plan for the property, and we believe our other assets will benefit from continued improvement in the downtown Chicago office market," states Jordan E. Slone, chairman and CEO of Harbor Group.
The 35-story 300 South Wacker Drive property was built in 1971 and was significantly renovated in the 1990s.
Harbor Group continues to own approximately 2 million square feet of Class A office property in downtown Chicago. HGI's other downtown Chicago assets include: One South Wacker, a 40-story, 1,195,000-square-foot office building at the corner or Madison Street and Wacker Drive; and 2 North LaSalle, a 715,000-square-foot downtown office tower. See story in the Chicago Business Journal.
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