Beacon Capital Partners Buys Trophy Office Building in Chicago’s East Loop for $182M
CHICAGO — An affiliate of Beacon Capital Partners has acquired 303 East Wacker, a 944,000-square-foot riverfront office tower in Chicago’s East Loop, for $182 million.
Completed in 1980 by Metropolitan Structures, the 30-story tower has two penthouse levels and floor-to-ceiling windows offering unobstructed, 360-degree views of the Chicago River, Lake Michigan and the city skyline.
A lower-level retail concourse at the property connects it directly to the Swissotel and Hyatt Regency Chicago hotels. The building also features a 294-space parking lot.
The JLL Capital Markets team of Bruce Miller and Nooshin Felsenthal brokered the sale on behalf of the seller, Franklin Street Properties, while Keith Largay and Heather Brown arranged acquisition financing for the buyer.
Previous owners of the trophy office building include a joint venture between Hines and J.P. Morgan Fleming Asset Management. The companies held the property from 1997 to 2007, implementing a renovation program before selling to Franklin Street Properties. Hines was still managing the leasing of the property at the time of sale to Beacon.
Fujikawa Johnson & Associates was the original architect of the property. Notable tenants include AECOM, Hewlett-Packard, Kelly Scott Madison, Maximus Inc., Northwestern University, Senior Lifestyle Management LLC and XPO Logistics.
Beacon Capital Partners is a private real estate investment firm with a 70-year history in development, ownership and management. Based in Boston, the company touts its ability to transform historic properties, though it has unveiled no specific plans for 303 East Wacker.
— Jeff Shaw