Holliday Fenoglio Fowler, L.P. (HFF), on behalf of the owner, is marketing Chicago office tower 303 East Wacker for sale. The commercial property for sale is a rare offering that combines the prestige of a premier, Class A, central business district office tower and a Wacker Drive address with a significant value-add opportunity.
The 875,480-rentable-square-foot 303 East Wacker is prominently situated in Chicago's CBD at the intersection of Wacker Drive and Columbus Drive overlooking the Chicago River. The office tower for sale is currently 65 percent leased and offers a weighted average lease expiration of 5.1 years. The building's roster of 31 existing office tenants comprise world-renowned Fortune 500 corporations, publicly-traded companies and headquarters operations, providing investors a strong foundation of income with significant growth potential at a highly-competitive basis. Leveraging the property’s unique ability to accommodate multiple big block requirements, unparalleled setbacks, exquisite light and air, floor-to-ceiling windows and highly-efficient floor plates, 303 East Wacker provides investors with a clear path to success.
The offering includes a subterranean 284-stall parking garage conveniently accessed via lower Wacker Drive. The garage is currently operated by ABM Parking Services on a valet-assist basis and is accessible to the public 24/7. Presently, the garage has 138 monthly contracts offered at both highly-competitive reserved ($416) and unreserved ($255) rates. The garage is estimated to generate net revenues of approximately $781,055 in 2016. The 303 East Wacker garage is ideally-positioned to capture strong daily, evening and weekend use from the expanding base of Class A submarket office tenants as well as visitors to the surrounding luxury residential, hospitality and entertainment amenities.
303 East Wacker offers an investor the once-in-a-lifetime opportunity to acquire a Class A, Chicago CBD office tower with the potential for growth and access to transportation and local amenities. For more information on commercial property or other office buildings for sale in Chicago, contact HFF Senior Managing Directors Jeff Bramson or Jaime Fink or Associate Directors Bryan Rosenberg or Patrick Shields.