{"id":1004164960,"date":"2017-01-24T08:42:36","date_gmt":"2017-01-24T16:42:36","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004164960"},"modified":"2022-12-08T18:42:27","modified_gmt":"2022-12-09T02:42:27","slug":"lasalle-buys-west-loop-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/lasalle-buys-west-loop-tower\/","title":{"rendered":"LaSalle Buys West Loop Tower"},"content":{"rendered":"<p>By Keith Loria<\/p>\n<div id=\"attachment_1004164968\" style=\"width: 256px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/123-North-Wacker-Drive_Chicago.png\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1004164968\" data-attachment-id=\"1004164968\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/lasalle-buys-west-loop-tower\/123-north-wacker-drive_chicago\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/123-North-Wacker-Drive_Chicago.png\" data-orig-size=\"960,1171\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"123 North Wacker Drive_Chicago\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;123 N. Wacker Drive, recently acquired by LaSalle Investment Management.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/123-North-Wacker-Drive_Chicago.png?w=839\" loading=\"lazy\" class=\"size-medium wp-image-1004164968\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/123-North-Wacker-Drive_Chicago.png\" alt=\"123 N. Wacker Drive, recently acquired by LaSalle Investment Management.\" width=\"246\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/123-North-Wacker-Drive_Chicago.png 960w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/123-North-Wacker-Drive_Chicago.png?resize=246,300 246w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/123-North-Wacker-Drive_Chicago.png?resize=768,937 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/123-North-Wacker-Drive_Chicago.png?resize=839,1024 839w\" sizes=\"auto, (max-width: 246px) 100vw, 246px\" \/><\/a><p id=\"caption-attachment-1004164968\" class=\"wp-caption-text\">123 N. Wacker Drive, recently acquired by LaSalle Investment Management<\/p><\/div>\n<p>LaSalle Investment Management has acquired 123 North Wacker Drive, a 30-story Class A office tower located in Chicago\u2019s West Loop, on behalf of the company\u2019s closed-end, U.S. value-add fund, LaSalle Income &amp; Growth Fund VII, from LNR Partners. The price was reported as $147 million, according to published reports.<\/p>\n<p>JLL Capital Markets provided brokerage services on behalf of the seller, a special servicer that in May took control of the tower, which had been in foreclosure.<\/p>\n<p>\u201cAs an investor in all four major property types across the U.S., our fund team has developed a strong ability to assess relative opportunities, as well as transporting occupier trends across property types and geographies,\u201d Jim Hutchinson, president of LaSalle\u2019s income &amp; growth funds, told <em>Commercial Property Executive<\/em>. \u201cWe like 123 North Wacker for its prime location in downtown Chicago. It was originally built for Aon\u2019s corporate headquarters, so it has high-quality construction. With nine-foot ceilings, few interior columns and a great window line, is has the dimensions that tenants seek in modern office space.\u201d<\/p>\n<p>The 541,000-square-foot tower features flexible, column-free, light and air-filled space and offers views of the Chicago River.<\/p>\n<p>\u201cIt is very rare to find such a high quality building in these circumstances. The building has effectively been off the radar for Chicago tenants, as it had been owned by a tenants in common (TIC) structure that prevented sufficient capital investment for almost a decade,\u201d David Schreiber, LaSalle\u2019s managing director of acquisitions, told <em>CPE<\/em>. \u201cThis caused occupancy to fall to its current 58 percent level, with a further near-term decline that will open up additional contiguous blocks of space following the expiration of Morton Salt\u2019s lease. We believe we\u2019ll be able to offer tenants an exceptional value for newly-renovated product.\u201d<\/p>\n<p>Located on the southeast corner of Randolph Street and Wacker Drive, the property offers access to public transit such as CTA train stations and Metra service at Ogilvie Transportation Center and Union Station, as well as convenient access to both I-90\/94 and Lake Shore Drive.<\/p>\n<p>The building is also close to the River North entertainment district, Randolph Street&#8217;s popular restaurant row, and the rapidly expanding Fulton Market District.<\/p>\n<p>&nbsp;<\/p>\n<p>.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Located at 123 N. Wacker Drive, the Class A office building reportedly fetched $147 million.<\/p>\n","protected":false},"author":451,"featured_media":1004164968,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21783,13,21742,21747],"tags":[],"class_list":["post-1004164960","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-investment","category-midwest","category-latest","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>LaSalle Buys West Loop Tower - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/lasalle-buys-west-loop-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LaSalle Buys West Loop Tower\" \/>\n<meta property=\"og:description\" content=\"Located at 123 N. 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