CHICAGO — Chicago-based U.S. Equities Realty has brokered the acquisition of a Chicago high-rise office tower on behalf of an Irish investment fund. Wilton U.S. Commercial, a Delaware-based REIT controlled by the fund, purchased 65 E. Wacker Place for an undisclosed amount — marking the REIT's first acquisition since its formation.
The office tower was constructed in 1928 and contains 220,000 square feet of space over 24 floors. Occupancy was approximately 90 percent at the time of closing. Morton Steakhouse occupies the first two floors of the building.
U.S. Equities Realty represented the buyer in the deal. The broker's in-house management division, U.S. Equities Asset Management, will provide management, marketing and leasing services for the building moving forward. A spokesperson from U.S. Equities Realty indicated that the buyer is exploring options to reposition the building, but no plans had been decided. The buyer paid all cash for the building and plans to finance it in the first quarter
The undisclosed seller was represented by John Gavin and Dirk Rieske of Grubb & Ellis.
Wilton U.S. Commercial is advised by Wilton Commercial Real Estate Ltd. and Finnegan Menton Auctioneers & Valuers, both of Ireland.
— Coleman Wood