May 21, 2020
Cushman & Wakefield arranged the sale of 225 W. Wacker Dr., a 650,812-square-foot Class A trophy office tower that houses the firm’s headquarters. The property fetched $210,000,000, or more than $322 per square foot.
A Cushman & Wakefield team of David Knapp, Adam Spies, Marcella Fasulo, Tom Sitz, Cody Hundertmark, Paul Lundstedt and Dan Deuter represented the seller, Mirae Asset Global Investments. Spear Street Capital purchased the asset.
“Spear Street has a data-driven approach to identifying submarkets and individual assets, which led them to target this property,” said Knapp. “Combined with a creative eye for future repositioning, Spear Street should be very successful with this asset.”
Spies added, “It takes fortitude, conviction and the ability to have a vision beyond the short-term to execute today. We believe in the future, when looking back, buying in 2020 will prove to be a good vintage year for opportunities in terms of investing.”
For comments, questions or concerns, please contact Paul Bubny