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The First Nine-Figure Downtown Office Deal Of 2017: 125 South Wacker
125 South Wacker
Ivanhoé Cambridge is adding to its downtown Chicago office building portfolio. The Canadian firm has agreed to buy 125 South Wacker Drive from MetLife for $145M, according to Crain's Chicago Business. It is the first nine-figure downtown office deal of 2017.
MetLife hired JLL to market the 31-story building to buyers in January. It paid $109M to acquire the building in October 2012. JLL marketed the building, which is 20% vacant, as a renovation project. Marketing materials piggybacked the building to Willis Tower, which Blackstone Group is giving a $500M makeover.
