The opportunity to reposition a highly visible office asset in Chicago's in-demand office market rarely comes along.
On behalf of LNR Partners, LLC., JLL's Capital Markets experts today announced the firm completed the sale of 123 North Wacker, a prominent office asset located in Chicago's West Loop submarket.
LaSalle Income and Growth Fund VII purchased the 549,941-square-foot building. JLL also secured financing for the acquisition and repositioning of the building. New York Life Insurance Company provided the loan.
International Director Bruce Miller and Managing Director Nooshin Felsenthal led the JLL team on the sale on behalf of LNR. Managing Directors Keith Largay, David Hendrickson and Kellogg Gaines, and Vice President Fiorentina Malko led financing efforts on behalf of LaSalle.
"This was an exceptional investment opportunity," said Miller. "Its prominent location at 123 North Wacker Drive in Chicago's premier office submarket, large contiguous vacancies and the potential to reposition it as a true Trophy asset drew heavy investor interest domestically and abroad."
Added Largay, "The sponsorship's tremendous track record and clear vision for the building allowed us to execute a financing package that will allow LaSalle to maximize 123 North Wacker's potential."
"LaSalle is pleased to have been selected as the buyer of 123 North Wacker, and thanks LNR and JLL for their collective vote of confidence," said David Schreiber, Managing Director Acquisitions at LaSalle Investment Management. "We look forward to repositioning this exceptional office property and creating value for our Fund's investors."
The property is located within the highly regarded West Loop office submarket with a premier address along Wacker Drive. It is the only office asset with large blocks of availability for tenancy along the Wacker Drive corridor.
The building is a five-minute walk to commuter trains at Ogilvie Transportation Center and Union Station, Chicago's main hubs for commuting to the surrounding suburbs. The building is also walking distance to several of the city's "El" lines including the blue, brown, green, pink and purples lines.