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Old Posted Dec 28, 2021, 3:40 PM
Kngkyle Kngkyle is online now
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Join Date: Jul 2006
Location: Chicago
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Chicago Office Tower Valued at Over $1 Billion in Purchase by Oak Hill Advisors

A venture led by Oak Hill Advisors has agreed to buy a controlling interest in a new 55-story office tower in Chicago in the latest sign that investors are paying up for modern, amenity-rich office buildings despite uncertainty over the return-to-office.

Oak Hill has agreed to buy 110 North Wacker Drive from Howard Hughes Corp. in a deal that values the 1.5-million-square-foot skyscraper at more than $1 billion, according to people familiar with the matter. That would be the highest price paid for a Chicago property building since the beginning of the pandemic.

And from 2019, when the building was first listed for sale -

The skyscraper will cost around $722 million to build, and the joint venture developing the property increased its construction loan in May to $558 million, according to Howard Hughes' second-quarter earnings report. Howard Hughes guarantees around $100 million of that loan, the report said.
Pretty good return there.