Hines pays $540m for Chicago office tower

The Texas-based firm has added another large Chicago office asset to its existing portfolio of properties located in the state’s central business district.

Hines has acquired the 51-story One North Wacker office building in Chicago’s central business district for $540 million (€343 million) from a German investment fund managed by RREEF, the property investment arm of Deutsche Bank.

The property, acquired through Hines US Core Office Fund, comprises 1.4 million square feet along North Wacker Drive at Madison Street. The building also features a 9,000-square-foot conference center and a health club facility as well as parking in a two-level, 230-space garage.

One North Wacker is a “superbly located office tower” with a “strategic downtown Chicago address in the popular West Loop submarket,” said Tom Danilek, senior vice president for Hines in Chicago, in a statement.

The property is 98 percent leased to tenants including UBS, PricewaterhouseCoopers and Citadel.

The Houston-based firm currently owns and/or manages other properties Chicago’s central business district including: 333 West Wacker, One South Dearborn, Harris Bank Building, Three First National Plaza, 321 North Clark and 101 North Wacker.