225 West Wacker Drive, a 650,812-Square-Foot Riverfront Office Tower, Is Home to Cushman & Wakefield’s Headquarters
CHICAGO--(BUSINESS WIRE)--
Cushman & Wakefield (NYSE: CWK) announced that the real estate services firm has arranged for the sale of 225 West Wacker Drive, a 650,812-square-foot Class A trophy office tower home to Cushman & Wakefield’s Headquarters. The final sale price was $210,000,000, more than $322 per square foot.
A Cushman & Wakefield team of David Knapp, Adam Spies, Marcella Fasulo, Tom Sitz, Cody Hundertmark, Paul Lundstedt and Dan Deuter represented the seller, Mirae Asset Global Investments. Spear Street Capital purchased the asset.
“Spear Street has a data-driven approach to identifying submarkets and individual assets, which led them to target this property. Combined with a creative eye for future repositioning, Spear Street should be very successful with this asset,” said David Knapp.
“It takes fortitude, conviction and the ability to have a vision beyond the short-term to execute today,” added Adam Spies. “We believe in the future when looking back, buying in 2020 will prove to be a good vintage year for opportunities in terms of investing.”
225 West Wacker Drive is a 31-story, architecturally significant office tower featuring sweeping panoramic views of downtown Chicago. Designed in collaboration between Kohn Pederson Fox and Perkins+Will and located on the south bank of the Chicago River between the city’s two premier office submarkets, the property’s centralized, riverfront location has made it a leading candidate for many of downtown Chicago’s most discerning tenants. The property offers direct accessibility to the city’s public transit and infrastructure system and is in proximity to an array of premier “live-work-play” amenities in the River North neighborhood.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
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Michael Boonshoft
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Source: Cushman & Wakefield