Quaker Oats occupies almost all of the building, with a lease through August 2019. "In addition to the attractive 15-year Quaker Oats lease guaranteed by Pepsico, the building features excellent on-site amenities and a convenient location in the west loop near the trains," says Principal Real Estate Investors director Mark Hanrahan, who advised the buyers of the building.

Although far from the largest office sale in the West Loop this year, the deal is believed to be at least $276 per sf. That is higher than all but one of the other seven West Loop deals this year, including Sears Tower, according to US Equities Realty's market reports. The Quaker Tower sale is lower only than the $302 per sf Manulife Financial Corp. paid for the 191 N. Wacker Dr.

In addition to Des Moines-based Principal Life Insurance Co., the new ownership team includes West Monroe Life Investors, LLC and West Monroe Fund Investors, LLC. Just as it did in 2002, CB Richard Ellis' Chicago office brokered the sale.