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Howard Hughes Sale of 110 N. Wacker Stake Values Tower at $1B
The Howard Hughes Corporation (HHC) said Wednesday afternoon it had sold its equity interest in 110 N. Wacker Dr., a 55-story, 1.5-million-square-foot Class-A office tower in Chicago’s Loop, to Callahan Capital Partners and Oak Hill Advisors.
With a sale price of $210 million for the equity interest, the office tower’s implied valuation is more than $1 billion. That would be the second-highest valuation of all time for a Chicago office property, and the highest valuation for an office property there since the sale of the Willis Tower in 2015.
“The sale of 110 North Wacker Drive is a meaningful step in the execution HHC’s non-core asset dispositions,” said David R. O’Reilly, HHC’s CEO. “The sale generates significant net proceeds, which we will reinvest back into new developments and use to repurchase shares as part of our stock buyback program.”
Eastdil Secured represented HHC on the sale.
- ◦Sale/Acquisition
