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Franklin Street Properties lists Illinois Center tower for $185M
The Wacker Drive office building is 31% vacant, well above the Downtown average
Franklin Street Properties is looking to sell a 28-story office tower in the Illinois Center complex for $185 million.
Real estate investment trust Franklin Street failed in a previous attempt to sell the building in 2016, whose vacancy rate is well below the Downtown office average, according to Crain’s.
Wakefield, Massachusetts-based Franklin Street bought the building at 303 East Wacker Drive in 2007 for $167 million, and has an equity investment of $82.8 million in the property, according to a 2016 letter to investors from CEO George Carter.
The 39-year-old tower is 31 percent vacant, Real Estate Alert reported. The average vacancy rate among Downtown buildings is 12.9 percent, according to CBRE.
KPMG and Groupon moved out of a combined 56 percent of the tower’s space in 2012, but Franklin Street picked up its largest tenants last year when Tribune Media moved into more than 60,000 square feet from its previous home at Tribune Tower, according to Crain’s.
JLL brokers Bruce Miller and Nooshin Felsenthal are representing Franklin Street. [Crain’s] — John O’Brien