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Chicago & Midwest  + Downtown  + Office  | 
311 S. Wacker Dr. is close to a sale at $310 million

Two Downtown Chicago Office Towers Near Sales at Discounted Prices

A pair of investors backed by foreign capital are poised to take over two prominent downtown Chicago office buildings in deals totaling nearly $400 million, reported Crain’s Chicago Business. The deals show that buyers are emerging for downtown office properties, but at much lower prices than they would have had to pay before the pandemic. 

In the larger of the two, Firenze Group is close to finalizing a contract to pay more than $310 million for the 65-story tower at 311 S. Wacker Dr., according to sources. Current owners Zeller Realty Group and Cindat Capital Management paid $302 million for the tower in 2014, then sunk $78 million into renovations. 

In the other pending transaction, Miami-based Agave Holdings is finalizing a deal to pay around $85 million for the 28-story 225 W. Washington St., Crain’s reported. That’s the same amount as the debt the current owners have on the building. 

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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 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 GlobeSt.com 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. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition