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Oak Hill Venture Set for Ownership Stake in 110 N. Wacker
A venture led by Oak Hill Advisors has agreed to acquire a controlling interest in 110 N. Wacker Dr. from Howard Hughes Corporation (HHC), the Wall Street Journal reported, citing people familiar with the matter. The deal for the new-construction tower is valued at more than $1 billion, the highest price paid for a Chicago office property since the pandemic began.
The sale of the 55-story, 1.5-million-square-foot tower is the latest sign that investors are willing to pay up for modern, amenity-rich office buildings despite uncertainty over the return to office, according to the WSJ. Anchored by Bank of America, 110 N. Wacker is currently 85% leased.
Last year, HHC hired Eastdil Secured to market 110 N. Wacker as part of a drive to sell noncore assets. “We’re going to wait for the right price, not the first price,” HHC chief executive David O’Reilly said on an earnings call in November.
- ◦Sale/Acquisition
