Cushman & Wakefield has arranged for the sale of 225 W. Wacker Drive, a 650,812-square-foot Class A trophy office tower and home to Cushman & Wakefield’s headquarters. The asset sold for $210 million, equating to more than $322 per square foot.
A Cushman & Wakefield team of David Knapp, Adam Spies, Marcella Fasulo, Tom Sitz, Cody Hundertmark, Paul Lundstedt and Dan Deuter represented the seller, Mirae Asset Global Investments. Spear Street Capital purchased the asset.
“Spear Street has a data-driven approach to identifying submarkets and individual assets, which led them to target this property,” said Knapp. “Combined with a creative eye for future repositioning, Spear Street should be very successful with this asset.”
“It takes fortitude, conviction and the ability to have a vision beyond the short-term to execute today,” said Spies. “We believe in the future when looking back, buying in 2020 will prove to be a good vintage year for opportunities in terms of investing.”
225 West Wacker Drive is a 31-story, architecturally significant office tower featuring sweeping panoramic views of downtown Chicago. Designed in collaboration between Kohn Pederson Fox and Perkins+Will and located on the south bank of the Chicago River between the city’s two premier office submarkets, the property’s centralized location has made it a leading candidate for many of downtown Chicago’s most discerning tenants.