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Prentiss Signs Contract to Sell 123 N. Wacker

CHICAGO-Dallas-based Prentiss Properties Trust excepts to close on its sale of the West Loop property this month, the prize of its 2.2-million-sf local office portfolio. Another 716,000 sf of suburban office buildings, as well as its entire 681,934-sf industrial portfolio, also has buyers.

By Mark Ruda | Updated on September 01, 2005

CHICAGO-Prentiss Properties Trust has struck a deal with a buyer for 123 N. Wacker Dr., with a closing expected by the end of the month. It also has six suburban office properties totaling 716,000 sf under contract, with closings scheduled for the fourth quarter, according to a filing with the Securities and Exchange Commission.

Bought for $87 million in 1999, the 540,000-sf 123 N. Wacker Dr. was the prize of a package being marketed since April by Holliday Fenoglio Fowler LP. The package, expected to command more than $500 million, includes 2.2 million sf of office space.

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