LaSalle Investment Management has acquired 101 North Wacker Drive in Chicago from Hines Interests on behalf of its client Bayerische Ärzteversorgung (BÄV), the Bavarian doctors’ pension fund.
BAV is one of the 12 pension institutions of BVK, the Bavarian umbrella pension scheme for self-employed professionals including doctors, lawyers and architects.
The 24-storey building is located in Chicago’s West Loop neighbourhood at the intersection of Wacker Drive and Washington Street, near Ogilvie Transportation Center, a primary transportation hub connecting downtown Chicago with the surrounding suburbs.
The nearly 600,000 square-foot building recently completed a USD12 million renovation. The renovation included an updated lobby, the addition of a floor-to-ceiling continuous glass curtain wall system, elevator modernisation, a new fitness centre and an additional USD27 million to completely rebuild nearly all tenant suites.
“101 North Wacker represents an exceptional investment opportunity for our client, given the property’s strong credit tenancy under long-term leases and its strategic northern location on Wacker Drive in Chicago’s West Loop,” says David Schreiber, managing director of acquisitions at LaSalle. “We believe that high-quality West Loop assets benefiting from transit-oriented, amenity-rich infill locations will continue outperforming the overall Chicago central business district market with reliably stable tenant/investor demand. 101 North Wacker offers tremendous value to tenants who demand a high-quality West Loop Wacker address with all of its amenities and locational advantages, but are unwilling or unable to pay top-shelf rents.”
101 North Wacker is currently 90 per cent leased to a diverse group of tenants, including TTX Company, Conversant, YMCA, Segal Company, Protiviti and Level 3. Commercial real estate services firm JLL will serve as the building’s leasing agent, while Hines will continue to provide property management.