CHICAGO-Though it was somewhat delayed, Piedmont Office Realty Trust has now closed its $387 million sale of its majority interest in 35. W. Wacker downtown. UBS Global Asset Management has purchased Piedmont’s 96.5% interest in the Leo Burnett building, where the advertising agency is one of the anchor tenants.

The announcement of the sale came out in May and was expected to close in the third quarter, but Robert Bowers, Piedmont’s CFO, tells GlobeSt.com that the deal was a cumbersome joint venture structure. Leo Burnett owns the other 3.5% of the 1.1-million-square-foot building. “There were some hurdles to jump through,” Bowers says. “We wanted to get these securitized loans correct, it’s something that takes time.”

Piedmont bought the 500 W. Monroe tower in downtown Chicago earlier this year, and also owns the Aon Center complex, so Bowers says when pricing became advantageous, it was time to sell. The trust bought the 50-story 35. W. Wacker for $285 million in 2003. “There’s been attractive pricing in the coastal markets, and some of that is trickling over into the Chicago CBD,” he says. The company is trying to limit its market share of buildings to 25% in any one market, he says.