Search
 

Parkway Takes 111 E. Wacker for $198M

CHICAGO-Jackson, MS-based Parkway Properties Inc. agrees to buy 111 E. Wacker Dr., also known as One Illinois Center, for $198 million. The REIT already owns Two Illinois Center, 223 N. Michigan Ave., and now has 16% of its portfolio here.

By Mark Ruda | Updated on May 01, 2006

CHICAGO-Parkway Properties Inc. is close to acquiring a building long on its radar screen. The Jackson, MS-based REIT, whose largest holding is 223 N. Michigan Ave., has agreed to buy 111 E. Wacker Dr. for $198 million.

Both buildings are in the Illinois Center office complex, developed in the early 1970s. The 32-story, 1-million-sf One Illinois Center building at the corner of Michigan Avenue and Wacker Drive is being sold by Lincoln Property Co. and Carlyle Group 86% leased, with Health Care Services Corp. being the anchor tenant with 202,000 sf leased through March 2017.

Just as it has done already with 233 N. Michigan Ave., Parkway Properties, Inc. expects to sell off a 75% stake in 111 E. Wacker Dr. later this year. Even though the building has undergone $18 million in renovations in recent years, Parkway Properties plans to spend another $3.7 million on improvements. Leasing vacant space is expected to cost another $12 million, according to the company, which will use third-party agents for both the office and retail space.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.