August 14, 2020
The joint venture led by Shvo and Deutsche Finance America finalized the $376-million acquisition of 333 S. Wabash Ave., formerly CNA Financial’s owner-occupied headquarters and known locally as “Big Red.”
The JV went into contract on acquiring the 1.2-million-square-foot East Loop office building from Morgan Stanley and The John Buck Company last January, and secured financing from a group led by AIG along with Goldman Sachs.
“Big Red is among the most recognizable towers in the Windy City’s skyline – the birthplace of the skyscraper and home to so much rich architectural history,” said Michael Shvo, CEO of Shvo. “We’re proud to now be a part of that Chicago tradition with this addition to our national portfolio of super-prime core properties.”
Jason Lucas, DFA managing partner, added, “333 S. Wabash is a landmark building of unmatched quality and offers our investors the security of long-term, in-place cash flow from investment-grade tenants.”
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