Franklin Street Properties Seeking Buyers For 303 East Wacker
Downtown office sales are off to their strongest start in four years and Franklin Street Properties is hoping to take advantage of the momentum. The Massachusetts-based REIT hired JLL to court buyers for 303 East Wacker Drive.
This is the second time in as many years Franklin Street has put the building on the market. It retained HFF to pursue a possible sale of the 28-story building in 2016. Franklin Street purchased the building from a venture of Hines Interests and J.P. Morgan Asset Management for $167M in 2007.
A buyer for the property will have plenty of room to grow rents. The building is 31% vacant, but Tribune Media signed a 61K SF lease on the 17th and 18th floors two years ago.
To date, there have been five downtown office trades completed, totaling $1.7B. The bulk of that volume comes from Sterling Bay's $680M purchase of Prudential Plaza and its $510M acquisition of 600 West Chicago. Four other buildings are under contract for an additional $478.5M.
JLL's Bruce Miller and Nooshin Felsenthal are leading the team handling the assignment.