Harbor Group Sells Chicago Office Tower to Beacon for $113M
- Aug 20, 2013
An affiliate of Harbor Group International L.L.C., Norfolk, Va., has completed the sale, for $112.5 million, of 300 South Wacker Drive, a 35-story, 512,400-square-foot office building in downtown Chicago, the company announced Friday.
Commercial Property Executive has learned that the purchaser was Beacon Capital Partners, of Boston. Through a spokesperson, however, Beacon declined to comment on the transaction.
The sale closed on Friday, an HGI spokesperson told CPE.
The building is directly across the street from the iconic Willis Tower (former Sears Tower) and is 83 percent occupied.
“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,” Jordan Slone, HGI’s chairman & CEO, said in a release.
HGI continues to own nearly 2 million square feet of Class A office property in Chicago. Its other downtown Chicago assets include One South Wacker, a 40-story, 1,195,000-square-foot office building, and 2 North LaSalle, a 715,000-square-foot office tower.
Jones Lang LaSalle marketed 300 South Wacker Drive for HGI; International Director Bruce Miller led the JLL team.
300 South Wacker Drive was built in 1971 and heavily renovated in the early 1990s. HGI bought the building in August 2006 for $91.5 million.
The tenant roster includes several regional law firms, including Franczek Radelet P.C., and national financial firms, including Pacific Life, Mass Mutual and Nordex.