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Former Leo Burnett Office Tower Could Fetch Nearly $440M

In a listing that could generate one of the largest investment sales in Chicago since the onset of the COVID-19 pandemic, a venture of UBS Realty has hired the Chicago office of Eastdil Secured to market the former Leo Burnett Building. The 1.1-million-square-foot building at 35 W. Wacker Dr. could fetch close to $440 million, reported Crain’s Chicago Business

A sale at that price would generate a cap rate of around 7%, Crain’s reported, citing a report in Real Estate Alert.  

The listing occurs as downtown Chicago’s office vacancy rate remains at or near historic highs. However, Crain’s reported that the Wacker Drive property, which the UBS venture bought in 2011 for about $400 million, could lure investors with the steady cash flow from its two primary tenants: Publicis Groupe and Winston & Strawn. 

Combined, the two lease more than three-quarters of the building, which is almost entirely full.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types as well as delving into broader subject matter. He produces 15-20 daily news stories per day and also works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.

  • ◦Sale/Acquisition
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