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Partnership Buys 55 W. Wacker Office Building Along Chicago River

CHICAGO-A $14.1-million mortgage allowed a joint venture to buy a 16-story office building at Wacker Drive and Dearborn Street, directly south of the Chicago River. They inherit a building 96% occupied.

By Mark Ruda | Updated on January 05, 2001

CHICAGO-A 16-story office building at 55 W. Wacker Dr., leased to tenants such as acclaimed advertising agency Leo Burnett and the powerful legal firm Winston & Strawn, has been sold to a joint venture between JER Partners and Lincoln Property Co. Although a sales price was not available, a $14.1-million mortgage was btained from GE Financial Assurance in a financing deal arranged by Baird & Warner Real Estate Capital, LLC.

Built in 1968 and rehabbed in 1987, the 208,849-sf office building is at the southwest corner of Wacker and Dearborn, immediately south of the Chicago River and one block north of the Loop El tracks. The new owners, 55 West Wacker Associates, LLC, bought the building from a land trust. Besides boasting a view of the Chicago River, the building also had a 96% occupancy rate.

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