CRE Midwest

Harbor Group International sells Chicago office tower

Harbor Group International LLC has completed the sale of 300 S. Wacker Drive in downtown Chicago to an affiliate of Boston-based Beacon Capital Partners for $112.5 million.

Harbor Group International LLC has completed the sale of 300 S. Wacker Drive in downtown Chicago to an affiliate of Boston-based Beacon Capital Partners for $112.5 million. HGI purchased the property in August of 2006 for $91.5 million.

The company continues to own nearly 2 million square feet of Class A office property in downtown Chicago. HGI’s other downtown Chicago assets include One South Wacker, a 40-story, 1,195,000-square-foot office building at the corner or Madison Street and Wacker Drive; and 2 North LaSalle, a 715,000-square-foot downtown office tower.

“We are pleased with the success of our investment plan for the property and we believe our other assets will benefit from continued improvement in the downtown Chicago office market,” said Jordan Slone, chairman and CEO of Harbor Group International.

The 35-story, 512,436-square-foot building at 300 S. Wacker Drive was built in 1971 and heavily renovated in the early 1990s. The tenant roster includes several regional law firms and national financial firms, including Pacific Life, Mass Mutual and Nordex. The property, located directly across the street from the landmark Willis Tower, is currently 83 percent occupied.