UPDATE, Nov. 28, 7:45 p.m.: More than $196 million was spent on the top five priciest office building acquisitions in the Chicago area in October.
About 60 percent of the total spent on those purchases came from one transaction, the sale of Sterling Bay’s 121 West Wacker Drive to Ameritus Real Estate Investment Management.
That was the only Loop office building sale to crack the top five in October, according to Cook County property records. Three other Chicago properties made the list, but none are in the central business district.
The $196 million spent last month was dwarfed by the $537 million spent on the five biggest office sales in September, but it’s more in line with August’s total of $159 million.
1. 121 West Wacker Drive | $119 million
Chicago-based Ameritus Real Estate Investment Management bought the historic LaSalle-Wacker Building from Sterling Bay for $118.5 million. Sterling Bay bought the building for $60 million in 2014 before spending $25 million on improvements. The move follows a familiar strategy for Sterling Bay, which has sold other Loop properties for a nice profit after making extensive renovations.
2. 1421 West Shure Drive, Arlington Heights | $41 million
This purchase of an Arlington Heights office building for $40.8 million gave New York-based Guardian Realty a toehold in the Chicago office market. Northbrook-based Torburn Partners sold the building after buying it in 2013. Tenants include HSBC North America Holdings, which signed an 11-year-lease after Torburn bought the building.
3. 2430 North Halsted Street | $23 million
Sterling Bay bought the Lurie Children’s Hospital’s Stanley Manne Children’s Research Institute building in Lincoln Park for $22.8 million. The Chicago-based developers will lease the five-story, 119,000-square-foot-facility back to the hospital until it consolidates operations at its Streeterville campus next year.
4. 133 South Ashland Avenue | $9 million
Chicago-based Cedar Street Capital sold this 15,000-square-foot office building on the Near West Side to investors Thomas Meador and Robert Judelson for $8.8 million. The two men are former business partners of Chicago Bulls and White Sox owner Jerry Reinsdorf and were considered “titans” of the commercial real estate market in the 1980s, according to Crain’s.
5. 2822 East 83rd Street | $5 million
A subsidiary of Access Community Health Network bought this South Chicago office complex from UJAMAA Construction for $5.2 million. Access already runs a family health facility at the site. The facility was designed, built and financed by South Side firm UJAMAA, which built the 12,000-square-foot facility late last year.
This story has been updated to clarify the scope of Guardian Realty’s purchase of 1421 West Shure Drive.