303 East Wacker has not gotten a true renovation since 1999.
CHICAGO—An affiliate of Beacon Capital Partners has bought 303 East Wacker, a 944,000-square-foot riverfront office tower in the East Loop submarket, from Franklin Street Partners for $182 million. It's another sign that investors now see the East Loop, once an afterthought in Chicago's office market, as a vibrant and attractive neighborhood sought out by creative tenants. And that gives Beacon an excellent opportunity.
“It's a perfect value-add deal,” Nooshin Felsenthal, managing director at JLL, told GlobeSt.com. Along with Bruce Miller, international director at JLL, she handled the sale on behalf Franklin. Keith Largay, JLL's managing director and Heather Brown, executive vice president, arranged acquisition financing for Beacon.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
