Oct
06

Sale of West Loop Tower Largest Downtown Sale of the Year

October 06, 2012

cook county real estate saleA Virgina real estate firm has just made the largest downtown sale of the year. Harbor Group International LLC is in the process of finalizing a $230 million deal on a piece of Cook County real estate located in the West Loop.

The 40 story office tower at 1 S. Wacker Drive is in a top-notch location, but is in need of some renovations. The tower currently has poor lighting and will need some updates, since its vacancy rate is 19 percent. The average West Loop vacancy rate is 14.3 percent.

The tower has earned the reputation of being considered a Class “B” tower in a Class “A” location, and some Chicago real estate professionals think the West Loop deal is a great way to predict and measure future downtown real estate sales. Offering more than 1.2 million square feet of office space, the tower should attract more tenants once the improvements are made.

Harbor Group previously purchased several downtown office buildings in 2006 and 2007.

Current tenants in the Wacker Drive tower include the health insurance company Aetna and the accounting firm McGladrey LLP.

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