View of 333 Wacker Drive from the Chicago River. Credit: Raimund Koch.
The AIA award-winning KPF-designed office tower has been sold for $125 million, countering the national trend in commercial real estate.
CoStar News reports the acquisition by Beacon Capital Partners is “the most paid for a Chicago office property since early 2022.” With the widespread shift to remote work since the pandemic, demand for corporate space dropped significantly. As a result, large sales for commercial real estate have garnered more attention, signaling potential improvement in the market.
Since its construction in 1982, 333 Wacker Drive has been one of the city’s most prominent architectural landmarks. Situated along the Chicago River, its green-tinted glass “reflects the water, sky and nearby buildings.” Its curving façade mirrors the bend of the river while the tower’s base responds to its urban context. The design of the building, both programmatically functional and classically attractive, appeals to prospective tenants.
The article goes further into the history of the tower’s ownership, noting that Beacon had previously owned the building with a Chicago-based firm and sold it in August 2004. With the current acquisition, Beacon plans to invest in “upgraded lobbies and fitness center, a new restaurant-cafe and a new exterior deck, a tenant lounge and a conference center atop the tower.”
Read the full article here.