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No Buyer's Remorse Over Two Illinois Center

CHICAGO-Parkway Properties, Inc. doesn't flinch when 111 E. Wacker Dr., an Illinois Center building very similar to its newly-acquired 233 N. Michigan Ave., may sell for $30 million less than what they paid.

By Mark Ruda | Updated on July 25, 2001

CHICAGO-Before Parkway Properties, Inc. bought 233 N. Michigan Ave. for $175 million, it offered $130 million for 111 E. Wacker Dr., a similar-sized office building in the East Loop’s Illinois Center complex. Now, the latter building reportedly is about to be bought by Phoenix-based Pivotal Group Inc. for $145 million.

Rather than overpaying for its 1.07-million-sf acquisition, its first in this market, officials of the Jackson, MS-based REIT are proud purchasers, explaining why they got a better deal Wednesday during a tour of the building for analysts and investors.

“We actually looked at it and evaluated (111 E. Wacker), and we think this building is a better value,” says Parkway CEO Steven G. Rogers.

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