Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
John Buck Under Contract for Sale of Former CNA Center
The John Buck Company (TJBC) is set to cash out on 333 S. Wabash Ave., a 1.2-million-square-foot office tower that’s known locally as “Big Red” for its bright-red facade. Formerly the owner-occupied headquarters of CNA Financial, the property is under contract for $370 million, Crain’s Chicago Business reported.
TJBC acquired the 44-story tower from CNA in 2016 for $108 million, as part of a deal for CNA to anchor the 151 N. Franklin St. project. The developer is selling Big Red to a partnership of New York City-based SHVO, Deutsche Finance and BLG Capital, reported Crain’s.
Although CNA’s move to 151 N. Franklin meant a sizable vacancy at 333 S. Wabash, TJBC backfilled more than half the space with a lease to Northern Trust. With tenants also including the Chicago Housing Authority and CNA, which retained some of its space there after moving out, Big Red is currently 92% occupied.
Connect Industrial Midwest is coming to Rosemont, IL on March 4. For more information, or to register, click here.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
