-

Cushman & Wakefield Arranges $210M Sale of Trophy Office Tower in Chicago

225 West Wacker Drive, a 650,812-Square-Foot Riverfront Office Tower, Is Home to Cushman & Wakefield’s Headquarters

CHICAGO--(BUSINESS WIRE)--Cushman & Wakefield (NYSE: CWK) announced that the real estate services firm has arranged for the sale of 225 West Wacker Drive, a 650,812-square-foot Class A trophy office tower home to Cushman & Wakefield’s Headquarters. The final sale price was $210,000,000, more than $322 per square foot.

A Cushman & Wakefield team of David Knapp, Adam Spies, Marcella Fasulo, Tom Sitz, Cody Hundertmark, Paul Lundstedt and Dan Deuter represented the seller, Mirae Asset Global Investments. Spear Street Capital purchased the asset.

“Spear Street has a data-driven approach to identifying submarkets and individual assets, which led them to target this property. Combined with a creative eye for future repositioning, Spear Street should be very successful with this asset,” said David Knapp.

“It takes fortitude, conviction and the ability to have a vision beyond the short-term to execute today,” added Adam Spies. “We believe in the future when looking back, buying in 2020 will prove to be a good vintage year for opportunities in terms of investing.”

225 West Wacker Drive is a 31-story, architecturally significant office tower featuring sweeping panoramic views of downtown Chicago. Designed in collaboration between Kohn Pederson Fox and Perkins+Will and located on the south bank of the Chicago River between the city’s two premier office submarkets, the property’s centralized, riverfront location has made it a leading candidate for many of downtown Chicago’s most discerning tenants. The property offers direct accessibility to the city’s public transit and infrastructure system and is in proximity to an array of premier “live-work-play” amenities in the River North neighborhood.

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

Contacts

Michael Boonshoft
PR & Communications Lead
+1 212 841 7505
michael.boonshoft@cushwake.com

Cushman & Wakefield

NYSE:CWK

Release Summary
Cushman & Wakefield arranged the sale of 225 West Wacker Drive, a 650,812-square-foot Class A trophy office tower home to Cushman & Wakefield’s HQ.
Release Versions

Contacts

Michael Boonshoft
PR & Communications Lead
+1 212 841 7505
michael.boonshoft@cushwake.com

More News From Cushman & Wakefield

Cushman & Wakefield, 50strong Launch Skilled Trades Mentor Hub for Veterans and Military Spouses

CHICAGO--(BUSINESS WIRE)--Cushman & Wakefield today announced the launch of the Skilled Trades Mentor Hub, a new initiative developed in partnership with 50strong that connects transitioning service members, veterans and military spouses directly with professionals working across skilled trades and related disciplines at Cushman & Wakefield and other companies across the country. Built within the 50strong Mentor platform, the Hub gives participants an opportunity to speak with current e...

Cushman & Wakefield Earns Upgrade to ‘Ba3’ Rating from Moody’s Ratings, Outlook Stable

NEW YORK--(BUSINESS WIRE)--Cushman & Wakefield (NYSE: CWK), a leading global commercial real estate services firm, announced today that Moody’s Ratings (“Moody’s”) upgraded CWK’s corporate family rating to Ba3 from B1. The upgrade reflects sustained improvement in the company’s credit profile and is the highest rating Moody’s has assigned to Cushman & Wakefield since its initial public offering in 2018. "This upgrade from Moody’s reflects the discipline and execution our team has delive...

Cushman & Wakefield Report Shows U.S. Construction Cost Pressures Shift From Labor to Materials as Metals Prices Surge

NEW YORK--(BUSINESS WIRE)--U.S. construction cost pressures are shifting from labor to materials, with construction-related commodity prices rising 13.3% year-over-year (YOY) as tariffs, metals supply constraints and demand from data centers and infrastructure projects push input costs higher, according to Cushman & Wakefield’s latest Construction Insights for Global Occupiers report. The increase in commodity prices is more than 4.7 times the rate recorded a year earlier, led by aluminum a...
Back to Newsroom