Tishman Speyer Plans to Sell 31-Story Office Tower in Downtown Chicago
- Aug 22, 2012
Tishman Speyer Properties LP is planning to take advantage of Chicago’s strong downtown office investment market and has decided to put up for sale a West Loop office tower, ChicagoRealEstateDaily.com reports. The 31-story office building, located at 125 South Wacker Dr., was acquired by Tishman in December 2004 for $44 million.
The New York-based real estate investment firm has since invested around $33 million in building upgrades. Tishman has hired Eastdil Secured LLC to market the building and it is estimated that the company is seeking around $120 million for it.
It is not the first time that the investment firm has tried to offload the building. Back in 2007, before the real estate crash, Tishman was close to selling the tower for $116 million to New York-based Angelo Gordon & Co. and Barrington-based Fulcrum Asset Advisors LLC.
Built in 1974, 125 South Wacker Dr. was designed by Perkins & Will and features a total rentable area of 566,454 square feet. The Wacker Drive tower is currently 90 percent leased, with the average size of floor plates being 18,000 square feet and the majority of the tenants occupying less than one full floor.
According to Chicago-based Jones Lang LaSalle Inc., during the first six months of this year, 11 office towers had sold for a total value of $1.45 billion in downtown Chicago, already making it a better year than 2011 and the strongest since the real estate crash.
Photo Courtesy of: www.tishmanspeyer.com