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Piedmont Completes $387M Sale of Burnett Building Interest

CHICAGO-The trust had to delay its sale of 96.5% of the 35 W. Wacker tower due to complexities of the deal.

By Robert Carr | Updated on December 21, 2011

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.”

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