Mirae Asset Global Sells Chicago Office Tower to Spear Street Capital for $210M
CHICAGO — Mirae Asset Global Investments, an asset management and investment banking firm, has sold 225 West Wacker Drive, a 31-story office tower in Chicago. Spear Street Capital purchased the trophy office building for $210 million, or roughly $322 per square foot.
The tower is situated along the south bank of the Chicago River in the city’s Loop district. The building houses the world headquarters of Cushman & Wakefield (NYSE: CWK), which also represented Mirae Asset in the sale. The global real estate services firm handled the leasing the riverfront office tower for the previous ownership as well.
Other tenants that list 225 W. Wacker Drive as their Chicago address include Jackson National Asset Management, True Partners Consulting, PPM America Inc. and Crowe LLP.
David Knapp, Adam Spies, Marcella Fasulo, Tom Sitz, Cody Hundertmark, Paul Lundstedt and Dan Deuter of Cushman & Wakefield arranged the sale. Knapp says that Spear Street Capital may plan future capital improvements at the property.
Kohn Pederson Fox and Perkins + Will designed 225 West Wacker Drive, which is LEED Gold-certified and Energy Star-rated and occupies a full city block along the path of the Chicago Riverwalk.
The building features a seven-level parking garage for 230 cars, concierge services, a newsstand, shoe shiner, Farmers Fridge vending machine, conference center and 24-hour security, according to the property website.
Mirae Asset Global Investments was founded in 1997 and is headquartered in Seoul, South Korea. The firm specializes in asset and wealth management, investment banking and life insurance. The company has offices in 15 markets globally, employs 12,764 people and manages nearly US $400 billion as of year-end 2019.
Spear Street Capital was founded in 2001 and has owned and sold more than 70 properties in the United States, Canada and Europe valued at more than $7.5 billion. The firm maintains offices in San Francisco and New York.
— John Nelson