John Hancock, the U.S. division of Manulife Financial Corporation, has acquired One South Wacker, a 40 story, 1,195,170 SF, office high-rise located in Chicago’s Central Business District’s West Loop. The purchase price for $344 million.
The seller, Harbor Group International, acquired the property for about $220 million in 2012 and completed a major renovation in 2014, upgrading the building from Class “B” to Class “A”.
“One South Wacker represents the type of high quality assets we acquire in key gateway markets where we do business,” said Kevin Adolphe, President & Chief Executive Officer of Manulife Real Estate and President & Chief Executive Officer of Manulife Asset Management Private Markets. “The acquisition is consistent with our strategy to seek out complementary, core office towers that can provide long term value for our global portfolio. We are proud to strengthen our commitment to the Chicago market with the acquisition of One South Wacker.”
“One South Wacker grows our Chicago portfolio to over 7 million SF, one of our most active investment markets,” said Ted Willcocks, Global Head of Asset Management, Manulife Real Estate. “With a prime location in Chicago’s West Loop, One South Wacker is an asset that complements our existing Chicago portfolio and is a great addition to our global real estate presence.”
One South Wacker, constructed in 1982 and renovated in 2014, is a LEED Gold Certified office tower located at the prime intersection of South Wacker and Madison streets in Chicago’s West Loop submarket. Other Chicago properties owned or managed by John Hancock include 55 West Monroe, 191 N. Wacker, 200 S. Wacker and 150 N. Michigan Avenue.
Image courtesy John Hancock