Manulife Seeking $370M For One South Wacker
Manulife John Hancock is hoping the renewed interest in downtown office assets will translate to a quick exit at One South Wacker. The Canadian firm is seeking $370M for the 40-story Helmut Jahn-designed tower, Crain's Chicago Business reports.
Manulife John Hancock acquired the building for $345M in May 2015, a record-setting year for Chicago office trades. The building's vacancy rate has risen during Manulife's ownership, from 15% to nearly 25%. The listing is playing off nearby redevelopment activity with Willis Tower and the Old Main Post Office.
The building is being marketed as an opportunity for a new owner to increase net operating income by signing new leases, without having to invest capital into amenities or infrastructure. JLL, which is marketing the property, noted the building underwent a $22M capital improvement plan that reconfigured common areas, its outdoor plaza and retail components.
Manulife has been a seller in the Chicago market in recent months. It sold the Crain Communications Building at 150 North Michigan in September, and sold Schaumburg Corporate Center to GlenStar Properties in April 2017.