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CHICAGO, IL-Lend Lease Corp. Ltd. confirms UBS Tower, the 1.7-million-sf office building co-developed with The John Buck Co., is for sale. Named after anchor tenant UBS Warburg, the 50-story building at 1 N. Wacker Dr. is being marketed by Lend Lease’s Value Enhancement Fund III LP, according to the company.

Lend Lease had no other details about its Chicago asset, which was built on speculation, as well as another property in Seattle being marketed for sale. However, a published report claims the building’s availability on the market comes after unsolicited offers are made.

A sale would result in the largest Downtown office deal in more than a year. Two recent office sales—the $239-million sale of 181 W. Madison St. and $248-million sale of 500 W. Monroe St.–have cracked the $250 per sf mark. The recently finished UBS Tower would be worth at least $425 million at that rate.

Published net lease rates at UBS Tower range from $24 per sf to $32 per sf.

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