Hines has sold 101 North Wacker to LaSalle Investment Management on behalf of Bayerische Ärzteversorgung, the Bavarian doctors’ pension fund. Hines will remain the property manager. A purchase price was not disclosed.
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.
Starling Cousley, managing director with Hines’ U.S. Value Added Fund team, said in a statement, “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.”
Since acquiring the property in 2007 for $129.5 million, 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.
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.
Hines was advised by JLL on the transaction. JLL has also been retained to oversee leasing.