Ivanhoé Cambridge and its partner Callahan Capital Properties announced today that they have closed on the acquisition of 125 South Wacker Drive in downtown Chicago, for approximately US$145 million.
Arthur Lloyd, President, Office, North America, Ivanhoé Cambridge said, “125 South Wacker Drive is an excellent complement to our Chicago office portfolio, composed of premier properties located in the West Loop, Central Loop and River North.”
Tim Callahan, Chief Executive Officer of Callahan Capital Properties, noted: “We are very excited with the opportunity to leverage 125 South Wacker Drive’s premier location and physical attributes, which, along with our planned upgrades to the lobby, elevators and other amenities, will further make this property a truly modernized office environment for current and future tenants.”
About 125 South Wacker Drive
125 South Wacker Drive is a 576,000-square foot, 31-story office tower ideally situated at the corner of South Wacker Drive and West Adams Street in Chicago’s West Loop submarket. The property’s strategic Wacker Drive location is just one block from Union Station, less than three blocks from Ogilvie Transportation Center and only two blocks from a major CTA L stop. It enjoys immediate proximity to major highways and numerous CTA bus lines. The property offers a variety of tenant amenities, including a fitness center, conference center, quick-serve restaurant and financial services. Originally constructed as a headquarters facility for Northern Trust, the property benefits from above-standard construction quality.