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Ivanhoé Cambridge is adding to its downtown Chicago office building portfolio. The Canadian firm has agreed to buy 125 South Wacker Drive from MetLife for $145M, according to Crain's Chicago Business. It is the first nine-figure downtown office deal of 2017.
MetLife hired JLL to market the 31-story building to buyers in January. It paid $109M to acquire the building in October 2012. JLL marketed the building, which is 20% vacant, as a renovation project. Marketing materials piggybacked the building to Willis Tower, which Blackstone Group is giving a $500M makeover.
The 125 South Wacker acquisition will be Ivanhoé Cambridge's fifth downtown acquisition. It also owns 10 and 120 South Riverside, paid $180M for 180 North LaSalle in January 2016 and JV'd with Beacon Capital on the former AMA building at 515 North State. That building landed a 400K SF lease with Outcome Health in March.
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