German investment firm Kan Am Grund Kapitalanlagegesellschaft MbH bought the 36-story, 867,821-sf office building designed by Kohn Pedersen Fox Associates for $208 million in August 2004, nearly $68 million more than the asset traded for in 2000. Houston-based Hines Interests, which owns 191 N. Wacker Dr. across Lake Street from 333 W. Wacker Dr., will manage the building and handle leasing.

However, the fund and the GM investment group inherit 95% occupancy at 333 W. Wacker Dr., with a tenant roster that includes Skadden, Arps, Slate, Meagher & Flom; Nuveen Investments and Barack Ferrazzano Kirschbaum Perlman & Nagelberg LLP. Asking net lease rates at the 23-year-old West Loop building, which curves near the confluence of the Chicago River's branches, start at $16 per sf.

"We believe the attributes of 333 W. Wacker position it to benefit from a growing demand in the market for view space and improving real estate fundamentals in the Chicago CBD," says Hines-Sumisei US Core Office Fund president Charles Hazen. The fund also owns Three First National Plaza in the Central Loop.