Ameritus Closes on LaSalle Wacker building for $118.5M

Selling the property is Sterling Bay, which spent $85 million to acquire and renovate the property

Oct.October 23, 2018 02:00 PM

The LaSalle Wacker

Ameritus Real Estate Investment Management closed on its deal to buy the LaSalle-Wacker Building for $118.5 million.

Chicago-based Ameritus bought the historic Downtown office tower at 121 West Wacker Driver from Sterling Bay, a deal that was first reported as having a sale price near $120 million.

The sale closed Oct. 12, and Aareal Capital Corporation financed the deal with an $85.4 million mortgage, according to Cook County property records.

Chicago-based Sterling Bay bought the 41-story building for less than $60 million in 2014 before spending $25 million on renovations that included a new lobby, fitness center and outdoor deck.

The move follows a familiar strategy for Sterling Bay, which has sold other Loop properties for a nice profit after making extensive renovations.

In 2015, Sterling Bay sold the 105-year-old GoGo Building to JP Morgan Asset Management for $305 million. It bought the building in 2012 for $100 million and spent tens of millions on renovations.

While it has sold off a number of its renovation projects, Sterling Bay has also recently acquired marquee Downtown office properties.

In the spring, the Chicago developer picked up the Prudential Plaza complex for $680 million, its priciest acquisition. Before that, Sterling Bay bought 600 West Chicago Avenue for $510 million.

In July it bought the office and parking portions of the former John Hancock Center for $300 million.

Ameritus already owns 205 West Wacker Drive, just down the street from 121 West Wacker. The company also owns the Knight Building in the West Loop and 213 West Institute Place in River North.

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