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Beacon Capital Claims Chicago East Loop Trophy Tower for $182M

An affiliate of Beacon Capital Partners acquired 303 East Wacker, an 944,000-square-foot riverfront office tower in Chicago’s popular East Loop submarket for $182 million. The property was held by a venture of Wakefield, MA-based Franklin Street Properties.

Built in 1980, the 30-story tower has two penthouse levels and expansive, floor-to-ceiling window lines offering abundant natural light and unobstructed 360-degree views of the Chicago River, Lake Michigan and the city skyline. The building offers 30,000-square-foot floorplates and 11-and-a-half-foot slab-to-slab ceiling heights.

JLL Capital Markets’ Bruce Miller and Nooshin Felsenthal handled the deal on behalf of the seller. JLL’s Keith Largay and Heather Brown arranged acquisition financing for the buyer.

Felsenthal says, “The combination of a dynamic and diverse rent roll of high tech, creative and engineering tenants with the ability to capitalize on tightening market fundamentals in the East Loop was attractive to potential buyers.”

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Sale/Acquisition