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West Loop Building Sells for $140 Per SF

CHICAGO-The third major office deal in the largest submarket brings the total volume to $99.5 million. While $18.2 million was more than twice what the sellers paid in 1997, 29. N. Wacker Dr. underwent major renovations.

By Mark Ruda | Updated on July 13, 2001

CHICAGO-After undergoing a makeover but still about 84% leased, a 10-story office building at 29 N. Wacker Dr. has sold for $18.2 million. Boston-based Intercontinental Real Estate Corp. bought the class A building from GE Capital and Hines Interests L.P., which paid $8.7 million for it in 1997.

While it underwent extensive interior and exterior renovation designed by the architecture firm of Skidmore, Owings & Merrill, the 130,000-sf building’s location in the desirable West Loop submarket two blocks from the Richard Ogilvie Transportation Center was a selling point.

The sale is the third major office deal in the West Loop, with the three sales totaling $99.5 million. The other two sales involved 29-story 200 W. Jackson Blvd., which sold at $84 per sf, and 200 W. Madison St., which traded at $35 per sf.

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