Tishman Speyer designated Hines as the purchaser of the building and Hines closed on the building simultaneously with Tishman Speyer acquiring the rest of the portfolio, which included 10 S. Wacker Dr., 30 S. Wacker Dr., 161 N. Clark St., 1 N. Franklin St., 30 N. LaSalle St. and the Civic Opera Building at 20 N. Wacker Dr., according to released statements from both Hines and Tishman Speyer. The sales price for the six-building, 6.5-million-sf Chicago portfolio was $1.72 billion, Tishman said in a statement. GE Real Estate previously closed on the nine-property 4.6-million-sf suburban portfolio for more than $1 billion, as previously reported by GlobeSt.com. GE also sold a three-building property in Bannockburn, IL to Keystone while closing on the portfolio.

The 23-story building at 101 N. Wacker Dr., designed by Perkins and Will, was completed in 1980 and renovated in 1990. The building, located in the West Loop submarket of Chicago's Central Business District, is currently 83% leased. Major tenants include TTX Co., Hartmarx Corp., YMCA and the Segal Co. The asking lease rate for class B office properties in the West Loop submarket is $30.13 per sf, according to the second quarter market report by Grubb & Ellis. Hines will manage and lease the property.

Hines plans to renovate the building and improve leasing. "The purchase of 101 N. Wacker gives us the opportunity to improve upon a superbly located office building in the popular West Loop submarket through renovation and enhancing the building's leasing profile," Hines senior vice president and HVAF II fund manager Dave Congdon said in a released statement. Hines manages more than seven million sf in the Chicagoland area. The firm owns or manages nine additional buildings in the Central Business District including 333 W. Wacker Dr., 1 S. Dearborn, 321 N. Clark, the Harris Bank Building and Three First National Plaza. Hines is also currently constructing 300 N. LaSalle and is developing Wolf Point and River Point at 200 N. Riverside.