LaSalle buys Chicago office property for $210m
LaSalle Investment Management has acquired 101 N. Wacker Drive from Hines Interests on behalf of client Bayerische Ärzteversorgung. The official announcement did not disclose a sales price; however, it is estimated to be approximately $210 million or $340 per square foot.
The acquisition is part of a €500 million ($647 million) global real estate mandate BVK awarded LaSalle last year.
The 24-story building is at the intersection of Wacker Drive and Washington Street, near Ogilvie Transportation Center, a primary transportation hub connecting downtown Chicago with the surrounding suburbs.
Hines acquired the 600,000 square-foot office asset in 2007 for $129.5 million. The firm invested $12 million in renovations, which included an updated lobby, the addition of a