JLL’s Capital Markets experts have arranged the $182 million sale of Three Illinois Center, located at 303 E. Wacker Drive in Chicago’s East Loop. An affiliate of Beacon Capital Partners acquired the 944,000-square-foot riverfront office tower.
Managing director Keith Largay and executive vice president Heather Brown of JLL arranged acquisition financing for Beacon Capital Partners while international director Bruce Miller and managing director Nooshin Felsenthal handled the sale on behalf of the seller, Franklin Street Partners. The Chapel Hill, North Carolina-based REIT purchased the trophy office building in 2007 for $167 million and tapped JLL back in April to shop the property around.
“The combination of a dynamic and diverse rent roll of high-tech, creative and engineering tenants with the ability to capitalize on tightening market fundamentals in the East Loop was attractive to potential buyers,” Felsenthal said.
Built in 1980, the 30-story tower has two penthouse levels and expansive, floor-to-ceiling window lines offering abundant natural light and unobstructed 360-degree views of the Chicago River, Lake Michigan and the city skyline. The building offers 30,000-square-foot floor plates and 11-and-a-half-foot slab-to-slab ceiling heights.
“An increasingly aggressive finance market enabled Beacon to have number of attractive financing options to fund their acquisition and repositioning of the asset,” said Largay.