CHICAGO-American Realty Advisors, based in Glendale, CA, has acquired 150 N. Wacker Dr. from a joint venture with Germany-based Dr. Peters GmbH & Co. and locally based Transwestern Investment Co. The sales price was more than $55 million, or $237 per sf, with a cap rate of 5%, sources say. The acquisition was completed on behalf of one of American's commingled funds, according to a released statement.

The 31-story office building has a total of 233,225 sf and was constructed in 1970 and renovated in 2002, according to Transwestern's marketing information. The building is on the east bank of the Chicago River in the West Loop submarket and is one block from the Ogilvy Northwestern Station and near Union Station. Amenities to the building include a river-level patio, sundry shop and 150-car valet parking garage. American Realty Advisors plans renovations to the building, including the interior hallways and bathrooms, landscaping and the installation of a new sprinkler system, a spokeswoman says.

The property has an occupancy rate of 93%, the spokeswoman says. “This is a well-leased asset in an outstanding CBD location with commanding city views,” American president and CEO Stanley Iezman says in a released statement. “The property possesses solid fundamentals geared to attract a diversified tenant base of professional service firms, investment companies and corporate satellite offices.”