The Chicago office of Hines, an international real estate firm, on Wednesday announced that a subsidiary of Hines-Sumisei U.S. Core Office Fund L.P. has acquired an approximate 80 percent interest in 333 West Wacker in Chicago from Kan Am Grund Kapitalanlagegesellschaft MbH, a German investment firm.
The remaining 20 percent interest was acquired by institutional investors advised by General Motors Investment Management Corporation. Hines will manage and lease the property.
The Core Fund is an investment vehicle organized by Hines and Sumitomo Life Realty (N.Y.) Inc., to acquire a geographically diverse portfolio of core office buildings in the United States.
333 West Wacker is a 36-story office building containing 867,821 square feet located in Chicago’s West Loop submarket in the city’s central business district. The building is located on a bend in the Chicago River and is surrounded by an array of amenities. The building was completed in 1983 and includes a four-level subterranean garage.
At the time of sale, the property was approximately 95 percent leased to tenants including: Skadden, Arps, Slate, Meagher & Flom, LLC; Nuveen Investments, Inc.; and Barack Ferrazzano Kirschbaum Perlman & Nagelberg LLP.
