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Opal Holdings Nears Deals for Leo Burnett Building, Two Other Chicago Office Properties
New York-based Opal Holdings is finalizing deals to buy the 50-story office tower at 35 W. Wacker Drive in downtown Chicago, Caterpillar’s headquarters at the Corporate 500 office campus in north suburban Deerfield and the eight-story Highland Landmark II office building in west suburban Downers Grove, Crain’s Chicago Business reported.
Led by the Wacker Drive property, long known as the Leo Burnett building and now under contract for $420 million, the three properties are expected to fetch around $660 million.
If all three deals are completed, Opal in a single stroke would boost the volume of all Chicago-area office properties sold this year by more than 50%, according to Crain’s. Demand for offices has plunged both downtown and in the suburbs amid the pandemic.
However, that hasn’t stopped Opal, which has spent more than $1 billion this year alone buying office properties nationwide, according to Real Capital Analytics.
- ◦Sale/Acquisition
