{"id":229,"date":"2020-08-13T13:56:46","date_gmt":"2020-08-13T13:56:46","guid":{"rendered":"https:\/\/www.commercialsearch.com\/blog\/?p=229"},"modified":"2022-01-12T13:46:48","modified_gmt":"2022-01-12T13:46:48","slug":"chicago-big-red-sale-376-million","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/blog\/chicago-big-red-sale-376-million\/","title":{"rendered":"Chicago\u2019s \u201cBig Red\u201d Sells for $376M"},"content":{"rendered":"<p>Real estate investment firms Deutsche Finance and SHVO have finalized the joint venture purchase of 333 S. Wabash Ave. in Chicago\u2019s East Loop business district. The partnership entered an agreement of sale for $370 million <a href=\"https:\/\/www.chicagobusiness.com\/commercial-real-estate\/revamped-big-red-selling-370-million\" target=\"_blank\" rel=\"noopener nofollow noreferrer\">back in January<\/a> and recently completed the acquisition for $376 million, despite general concerns regarding the office market due to the novel coronavirus pandemic.<\/p>\n<p>Formerly known as the headquarters of CNA Financial Corporation, the tower rises 45 floors and incorporates nearly 1.2 million square feet of <a href=\"https:\/\/www.commercialsearch.com\/office\/us\/il\/chicago\/\" target=\"_blank\" rel=\"noopener noreferrer\">Chicago office space<\/a>. Designed by Graham, Anderson, Probst and White, and completed in the early 1970s, the office tower recently underwent a major redevelopment that included a revamped lobby, auditorium and conference center, as well as a new food hall, a world-class fitness center, childcare facilities and tenant gathering spaces.<\/p>\n<p>CNA vacated most of its 750,000 square feet of space as part of the relocation of its headquarters to 151 N. Franklin St. Then, the former owner of the distinctive red tower \u2014 John Buck and Morgan Stanley \u2014 backfilled the refurbished space with high-quality tenants, such as the Chicago Housing Authority and Northern Trust.<\/p>\n<figure id=\"attachment_230\" aria-describedby=\"caption-attachment-230\" style=\"width: 640px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.commercialsearch.com\/blog\/wp-content\/uploads\/sites\/4\/2020\/09\/333-south-wabash-avenue-chicago-office-space-for-rent.jpg\" data-rel=\"lightbox-image-0\" data-magnific_type=\"image\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-230 lazyload\" src=\"https:\/\/www.commercialsearch.com\/blog\/wp-content\/uploads\/sites\/4\/2020\/09\/333-south-wabash-avenue-chicago-office-space-for-rent.jpg\" alt=\"333 south wabash avenue chicago office space for rent\" width=\"640\" height=\"800\" data-srcset=\"https:\/\/www.commercialsearch.com\/blog\/wp-content\/uploads\/sites\/4\/2020\/09\/333-south-wabash-avenue-chicago-office-space-for-rent.jpg 640w, https:\/\/www.commercialsearch.com\/blog\/wp-content\/uploads\/sites\/4\/2020\/09\/333-south-wabash-avenue-chicago-office-space-for-rent.jpg?resize=240,300 240w\" sizes=\"auto\" \/><\/a><figcaption id=\"caption-attachment-230\" class=\"wp-caption-text\"><em>333 S. Wabash Ave., also known as &#8220;Big Red&#8221; for its distinctive facade and size in the East Loop Chicago skyline<\/em><\/figcaption><\/figure>\n<p>Jason Lucas, managing partner of Deutsche Finance America, said in a statement, &#8220;333 South Wabash is a landmark building of unmatched quality and offers our investors the security of long-term, in-place cash flow from investment-grade tenants.&#8221;<\/p>\n<p>This joint venture acquisition marked SHVO\u2019s first foray into the Chicago office market. The firm\u2019s CEO, Michael Shvo, said of the deal, &#8220;Big Red is among the most recognizable towers in the Windy City\u2019s skyline \u2014 the birthplace of the skyscraper and home to so much rich architectural history. We\u2019re proud to now be a part of that Chicago tradition with this addition to our national portfolio of super-prime core properties. We look forward to not just maintaining \u2018Big Red\u2019s\u2019 stature, but [also] elevating it in the years to come.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SHVO and Deutsche Finance joint venture completes acquisition of former CNA Headquarters tower in Chicago East Loop business  district, despite any COVID-19 related concerns regarding the office market. <\/p>\n","protected":false},"author":48,"featured_media":237,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5],"tags":[],"class_list":["post-229","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-office-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SHVO, Deutsche Finance Buy Frmer CNA HQ in Chicago East 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