Hines Buys Building From Tishman for $131M

CHICAGO-Hines, with US headquarters in Houston, is acquiring 101 N. Wacker from Tishman Speyer, headquartered in New York City. The sales price was approximately $131 million, sources say. The 600,000-sf building was acquired for Hines US Office Value Added Fund II LP, according to a released statement from Hines. Representatives from Hines and Tishman Speyer declined to be interviewed. Tishman Speyer was represented by Eastdil Secured. Hines represented itself.

Tishman Speyer designated Hines as the purchaser of the building and Hines closed on the building simultaneously with Tishman Speyer acquiring the rest of the portfolio, which included 10 S. Wacker Dr., 30 S. Wacker Dr., 161 N. Clark St., 1 N. Franklin St., 30 N. LaSalle St. and the Civic Opera Building at 20 N. Wacker Dr., according to released statements from both Hines and Tishman Speyer. The sales price for the six-building, 6.5-million-sf Chicago portfolio was $1.72 billion, Tishman said in a statement. GE Real Estate previously closed on the nine-property 4.6-million-sf suburban portfolio for more than $1 billion, as previously reported by GlobeSt.com. GE also sold a three-building property in Bannockburn, IL to Keystone while closing on the portfolio.