Spear Street Capital has agreed to pay nearly $225 million for the 31-story tower at 225 W. Wacker Drive, reported Crain’s Business, citing sources familiar with the deal.
The seller was South Korea–based Mirae Asset Global Investments, which paid $218 million in 2013.
Investment in CBD office product remained active throughout the fourth quarter of 2019, reported Avison Young. Sales volume was recorded at $708.9 million in the fourth quarter, over $200 million higher than any other quarter within 2019. About 2.8 million square feet traded hands in the fourth quarter of 2019.
The most notable fourth quarter investment sales transaction was the sale of 500 W Monroe Street. The 967,000-square-foot building was sold by Piedmont Office Realty Trust to Spear Street Capital for $412 million. The high sales price is attributed to the property being 100 percent leased at the time of sale, with large tenants including Motorola Solutions and Antares Capital.
