HARBOR GROUP INTERNATIONAL ACQUIRES
CLASS A OFFICE BUILDING IN CHICAGO FOR $221 MILLION
Harbor Group International, LLC (“HGI”) announced today that affiliates of the Company have acquired the One South Wacker office building in Chicago, Illinois, for $221 million.
Eastdil Secured served as the seller’s broker for the transaction. Harbor Group International’s major investment partner in the property was Clal Insurance Company, one of the largest insurance companies in Israel. Other investors included affiliates of New York-based Image Capital, LLC.
“One South Wacker is a premier asset in a premier location,” said T. Richard Litton, Jr., President of Harbor Group International, “This property represents a great opportunity to implement HGI’s proven leasing and management strategies and should provide excellent returns to our investors.”
The Property is currently 80% leased to over 40 office and retail tenants. HGI will undertake a capital improvements program that creates a new entry atrium winter garden, renovates the lobby (including a building concierge station), elevator cabs, common corridors and restrooms. On the mezzanine level will be the tenant only OSW Club with a signature Harbor Fit health & wellness center, conferencing facilities, the building management office, and a tenant lounge overlooking the entry atrium.
“HGI looks forward to reintroducing this trophy asset to the leasing community,” said Litton, “We plan to focus our improvements on tenant retention and attracting new tenant interest from the desirable West Loop submarket.”
HGI also owns 300 South Wacker, a 512,500 square foot office tower located in the West Loop Submarket; 111 West Washington, a 580,000 square foot office tower; and 2 North LaSalle, a 715,000 square foot office tower, all in downtown Chicago.
About One South Wacker: One South Wacker is a 40 story, 1,195,000 square foot, institutional quality office building located at the corner of Madison Street and Wacker Drive in Chicago’s prestigious West Loop submarket. The Property was built in 1982 by the Walken Company and designed by Helmut Jahn. Amenities include a 135 car parking garage, fitness center, casual dining and the well-known Lloyd’s white tablecloth restaurant, convenience store and bank with ATM. The Property is ideally located at the heart of the West Loop district and has exceptional proximity to public and private transportation alternatives. The Property has three distinctive floor plans due to the tiered setback design which allows the building to cater to full floor tenants of varying size.