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German Fund Manager Buys 111 S. Wacker Dr.

CHICAGO-An international real estate fund manager pays a reported $410 per sf for the one-million-sf West Loop office tower, which cost John Buck Co. $273 million to build.

By Mark Ruda | Updated on December 07, 2005

CHICAGO-The John Buck Co. has sold off its 111 S. Wacker Dr. office building, reportedly for a record price per sf and about 50% more than it cost to build the one-million-sf building. Although the price paid by Hamburg-based DIFA Deutsche Immobilien Fonds AG was not disclosed, two funds sponsored by the John Buck Co. reportedly received $410 million for the 51-story building, which was completed in May.

Anchored by Deloitte & Touche, 111 S. Wacker Dr. now boasts an 85% occupancy rate, having recently landed Gallup Organization as a tenant. Also on the tenant roster are Lord Bissell & Brook LLP, RR Donnelley, Grippo & Elden, Bloomberg and Ventas, Inc.

“This building leased faster in more difficult market conditions than our previous major office project at 1 N. Wacker Dr.,” says John Buck Co. chief financial officer Kent Swanson. His company will serve the new owners as leasing agents and property manager, he adds.

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