Cushman & Wakefield Will Remain Anchor Tenant Under New Ownership
CHICAGO – Cushman & Wakefield (NYSE: CWK), a leading global real estate services firm, today announced it advised Spear Street Capital on the $115 million sale of 225 W. Wacker Drive, a premier Class A office tower overlooking the Chicago River in downtown Chicago, to Prime Finance and Hines.
Situated along the Chicago River at the intersection of Wacker Drive and Franklin Street, 225 W. Wacker is a 31-story, approximately 651,000-square-foot Class A office tower located where Chicago's West Loop and River North neighborhoods converge. Recognized as one of the city's premier riverfront office assets, the property is home to a diverse roster of leading corporate and professional services firms, including Cushman & Wakefield, which will remain an anchor tenant under the building's new ownership.
Cushman & Wakefield’s National Office Investment Advisory Group of Cody Hundertmark, Tom Sitz, Jeremiah Olsen and Kelsey Berry represented the seller, Spear Street Capital, in the transaction. The firm’s Equity, Debt and Structured Finance group, led by Jeff Altenau and Zach Yarnoff, also advised Prime Finance in sourcing acquisition financing. Cushman & Wakefield is expected to be retained to oversee 225 W. Wacker’s property management and agency leasing on behalf of Prime Finance.
During Spear Street Capital's tenure, the property underwent significant capital improvements that enhanced the tenant experience and strengthened its position as one of Chicago's most sought-after office destinations. These investments included a transformational lobby renovation, upgraded conferencing and collaboration spaces, a hospitality-driven tenant lounge, state-of-the-art fitness facilities and an expansive outdoor rooftop terrace.
"225 W. Wacker is one of the largest and highest quality office towers to trade hands in downtown Chicago since 2022 and represents continued proof that high-quality assets attract high-quality buyers," said Tom Sitz, Cushman & Wakefield Executive Managing Director and Co-Head of Midwest Capital Markets. "The building's recent transformation, amenity enhancements and leasing momentum generated significant investor interest. Prime Finance and Hines are acquiring a highly differentiated property that is well-positioned for immediate and long-term success in one of the nation's strongest and most resilient office submarkets."
The property features direct access to Chicago's Riverwalk and is strategically located near the city's transportation network, restaurants, hotels and entertainment destinations. The new ownership plans additional investments to further elevate the tenant experience, including a re-envisioned lobby-level restaurant and bar that will activate the building's ground floor and enhance its connection to the riverfront.
