Brokerage giant Cushman & Wakefield has new owners for its global headquarters after its Chicago office tower traded at a steep discount.
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An affiliate of Prime Finance acquired the 31-story office tower at 225 W. Wacker Drive in a joint venture with Hines, according to Cook County property records. Spear Street Capital sold the property for just over $115M in a deal that closed Friday, a 45% discount on the $210M the company bought it for in May 2020.
The trade was designated a short sale, according to tax documents.
Cushman & Wakefield started marketing the office tower in February, and when it went up for sale, the 651K SF property was 86% leased. The building also had a weighted average lease term of 6.5 years.
The brokerage takes up more than 83K SF in the building as its largest tenant. The average lease size in the tower overall is roughly 18K SF.
Spear Street's haircut is less severe than other major office sales in Chicago over the past few years. The average discount across the city's office sales above 700K SF since 2024 was 71.4%.
In March, Spear Street took a major hit when it sold 500 W. Monroe St. for $100M, about 75% less than its $412M purchase price in 2019.
Hines has made other moves to acquire Chicago office space of late, partnering with The Stahl Organization to purchase Boeing’s leasehold interest in its former HQ at 100 N. Riverside Plaza for $22M late last year.
CoStar News first reported the Wacker Drive sale.
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