Jan
01

Investors Purchase Trophy Asset on Wacker Drive

January 01, 2012

35 W Wacker Drive sells in ChicagoPiedmont Office Realty Trust has completed the sale of its 96.5% interest in 35 W. Wacker Drive for approximately $387 million.  This building is also known as the Leo Burnett Building because Leo Burnett USA, Inc. leases 85% of the building.  Other tenants of this Chicago real estate include Winston & Strawn LLP.

To 50-story office tower was built in 1989 and is located in Chicago’s desirable West Loop. Considered quite a trophy, an investor account advised by UBS Global Asset Management purchased the 1,118,042 square foot building.  Piedmont Office Realty Trust will be retained as property manager on the asset.

Architect Kevin Roche designed the stunning skycraper with vertical stainless steel bars that divide the windows. These are reminiscent of the classic “Chicago window” and also reflect light to brighten up the building.

“We’ve been extremely blessed to have benefited from the ownership of 35 W. Wacker and our relationship with Leo Burnett and Winston & Strawn and look forward to a continued presence in downtown Chicago in the years ahead,” said Piedmont President and CEO, Donald A. Miller.  “Downtown Chicago remains a strong market for office leasing.  We have completed almost 1 million square feet of leasing this year, which constitutes a significant portion of our national leasing total of approximately 4 million square feet in 2011,” Miller continued. For more information, see www.piedmontreit.com.

About The Author

Read All Stories By Carol Morgan

Carol Flammer is a public relations and social media marketing expert, strategist and consultant. With 20 years of experience, Carol has established herself as the “go to” for real estate and construction products public relations and social media. Carol is president of Flammer Relations, Inc., and managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Atlanta and Chicago.

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