The Howard Hughes Corp. (HHC) has sold its equity interest in 110 N. Wacker Drive, a 55-story, 1.5 million-square-foot class A office tower in Chicago, to Callahan Capital Partners and Oak Hill Advisors.
The transaction involves the sale of 100 percent of the equity interest in 110 N. Wacker Development, by a limited liability company that HHC owns 90 percent of, for $210 million in the aggregate. Based on this sales price, the implied value of the office tower is more than $1 billion, which would be the second-highest valuation of all time for a Chicago office property, and the highest valuation for an office property in Chicago since the sale of the Willis Tower in 2015.
Since opening in 2020, 110 N. Wacker Drive has seen overwhelming market and tenant demand as it set a new standard for class A office development. The deal signals the strength of investor appetite for high-quality, modern, amenity-rich buildings that offer tenants an outstanding wor
