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311 S. Wacker Dr. Changes Hands

CHICAGO-Fremont Realty Capital and Shorenstein Properties LLC, both based in San Francisco, buy the trophy tower 311 S. Wacker Dr. from Walton Street Capital.

By Dana Dubriwny | Updated on August 14, 2006

CHICAGO-Fremont Realty Capital, real estate entrepreneur Mark Karasick and Shorenstein Properties LLC, have purchased the 65-story 311 S. Wacker Dr. from Walton Street Capital. The 1.3-million-sf tower encompasses 350,000 sf of office space.

Karasick says the thee-member joint venture invested in the trophy building because it “matches up with the top new office towers in Chicago.” Karasick also owns 550 W. Jackson, and San Francisco-based Shorenstein currently owns the John Hancock Center and 500 W. Monroe.

J.F. McKinney & Associates has been appointed as the marketing and leasing agent for the project, while CB Richard Ellis will continue to provide property management. Neither the buyer nor the seller could be reached by press time to provide details on the sale amount. In March, New York City’s David Werner, a real estate entrepreneur, was rumored to have offered $280 million to $285 million for the building.

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