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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)
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Crain's Chicago Business
- Article date:
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September 5, 2005
- Author:
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Copyright informationCOPYRIGHT 2005 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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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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