Prime Finance And Hines Acquire Office Tower From Spear Street Capital For $115 Million In Chicago
225 West Upper Wacker Drive
$115,000,000
$176/SF
Building Size
651,000 SF
Asset Type
Office
Closing
Nov 6, 2026
About this deal
AI
The office asset involved in the transaction is a 31-story office tower located at 225 West Upper Wacker Drive in Chicago, Illinois. The property encompasses a total square footage of 651,000 and was sold for a price of $115,000,000, resulting in a price per square foot of $177.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $115,000,000
- Square Footage: 651,000
- Address: 225 West Upper Wacker Drive
- Market: Chicago, IL
- Buyer: John Atwater - Prime Finance; Jeffrey C. Hines & Laura Hines-Pierce - Hines
- Seller: John Grassi - Spear Street Capital
- Brokers: Cody Hundertmark, Tom Sitz, Jeremiah Olsen & Kelsey Berry - Cushman & Wakefield
Cushman & Wakefield provided advisory services for the sale and acquisition financing, with the expectation to retain property management and leasing responsibilities. The new owners plan to implement further upgrades to the property.
On the Map
$115,000,000
$176/SF
Office
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Players
Riverside Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93