The purchase was at $18.50 per sf, giving TrizecHahn 83% of the air rights under their properties. The company's goal is to convert its title ownership interest in the two properties from a leasehold to fee simple.
"At an attractive price, this purchase allows us to enhance the value of our investment in these two office buildings by eliminating the complexity of a long-term lease on the land beneath them," says Evan Boris, vice president of Chicago-based TrizecHahn Office Properties. "This makes 10 and 120 South Riverside more valuable to TrizecHahn and improves the assets liquidity to any future buyer."
Not that potential buyers should think about starting due diligence. A TrizecHahn spokesman says the two buildings, among five Trizec Hahn owns in the Central Business District, are not slated for disposition as they are considered core assets in one of the company's key markets.
Earlier this year, TrizecHahn paid $77 million for 550 W. Washington Blvd. It also holds a mortgage and an option to buy the 110-story, 3.5-million-sf Sears Tower, in addition to leasing and managing the largest building in North America.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
