AEW Sells 244,961-SF Office Bldg. in Downtown Chicago
Credit Suisse Asset Management, a unit of Credit Suisse Group A.G., finalized its acquisition of 250 S. Wacker Drive in Chicago, IL, for approximately $91 million or $370 per square foot. Boston-based AEW Capital Management LP previously owned the downtown office building
The 16-story, Class A property is comprised of 244,961 square feet and was built in 1958 with extensive renovations completed in 2006. The structure was 93.15 percent leased at the time of the sale, including MillerCoors deal for 129,000 square feet that ends in 2024.
AEW bought the building for $57 million in 2007 when it was vacant. The property underwent $40 million of renovations in 2006-2007 including replacing the façade with floor-to-ceiling windows and high-quality aluminum panels and the installation of new energy-efficient systems.
Michael Vesper and Thomas McClayton of CBRE represented the seller, while Benjamin and Debra Lacy of Lacy Ltd. represented the buyer.
Please see CoStar COMPS #2229406 for more information on this transaction.