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Record price in Buck deal; New office tower at 111 S. Wacker shows market's hot.(German investor to buy John Buck's downtown office buildings)

Byline: ALBY GALLUN

Developer John Buck is close to selling a recently built Wacker Drive high-rise for more than $400 a square foot, which would set a new price record for downtown office buildings.

An unidentified German investor has agreed to pay about $410 a square foot, or $410 million, for the 1-million-square-foot skyscraper at 111 S. Wacker, according to people familiar with the transaction. The building was completed in June and cost about $280 million to build.

Certain provisions in the contract could shift some leasing costs to Buck, lowering the effective price, but it is still expected to top a record set 15 years ago when a Japanese insurer paid $369 ...

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