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After a quiet Q1 on the sales front, the past couple of weeks have seen a flurry of downtown office trades and buildings hitting the market. The latest major deal involves 300 South Wacker Drive, which Beacon Capital has agreed to sell to a JV of Golub and Alcion Ventures for $155M, according to Crain's Chicago Business.
If that price is accurate, it marks a strong return for Beacon Capital on the 35-story West Loop tower. The firm paid $113M for the building in August 2013 and would see a 38% return. Capital improvements helped bring down 300 South Wacker's vacancy rate from 18% when Beacon Capital bought the asset, to 6% today.
The announcement of the sale comes on the heels of Walton Street agreeing to buy 401 North Michigan Ave. from Zeller Realty for $370M. Another major deal last week involved 311 West Monroe, which Sterling Bay is purchasing from GlenStar Properties for $61M. Ivanhoé Cambridge's $145M bid for 125 South Wacker was sealed earlier this month.
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