CRE Midwest

Hines sells 101 N. Wacker in Chicago

101-North-Wacker_signature
101 N. Wacker

The Chicago office of Hines, the international real estate firm, announced that a subsidiary of the firm’s U.S. Office Value Added Fund II closed on the sale of 101 North Wacker to an affiliate of LaSalle Investment Management on behalf of a European investor.

The Chicago office of Hines, the international real estate firm, announced that a subsidiary of the firm’s U.S. Office Value Added Fund II closed on the sale of 101 North Wacker to an affiliate of LaSalle Investment Management on behalf of a European investor. Hines was advised by JLL on the transaction.

Starling Cousley, managing director with the U.S. Value Added Fund team, said, “Having acquired 101 North Wacker in 2007, we have since completed a substantial repositioning of the property and fully executed our original investment strategy. We are very proud of the performance we’ve been able to achieve for our investors.” Michael Kaiser, vice president in Hines’ Midwest Region, commented, “We are pleased with this successful outcome, which continues to demonstrate that highly efficient buildings in desirable core locations will outperform the market and be attractive to both tenants and investors.”

Completed in 1980, the 24-story Class A office tower includes 599,503 square feet. Designed by the renowned architecture firm Perkins + Will, 101 North Wacker possesses one of the most desirable locations in Chicago. Since acquiring the property, Hines completed a comprehensive renovation, including lobby and common area improvements, elevator modernization, the addition of a full-service fitness center and bike room, and enhancements to the building’s façade with the addition of a continuous floor-to-ceiling glass curtain wall system taking full advantage of the property’s natural light and striking Chicago River views. In addition, building systems were updated to reduce operating expenses, and nearly 90 percent of the tenant spaces were rebuilt. For this work, BOMA recognized Hines with the 2012 “The Outstanding Building of the Year” TOBY award in the “Renovated Building” category and the project received five EPA ENERGY STAR awards.