Cushman & Wakefield advised Spear Street Capital on the sale of 225 W. Wacker Drive, a Class A office tower in downtown Chicago, for $115 million. The property was acquired by Prime Finance and Hines, marking a significant office investment transaction in Chicago’s central business district. The building is located along the Chicago River at the intersection of Wacker Drive and Franklin Street, at the point where the city’s West Loop and River North neighborhoods meet.
The tower rises 31 stories and totals approximately 651,000 square feet of office space, positioning it among the larger assets in the downtown Chicago office market. Cushman & Wakefield will continue to occupy space in the property as an anchor tenant under the new ownership, maintaining a key corporate presence in the building following the change in control.
Cushman & Wakefield’s National Office Investment Advisory Group represented Spear Street Capital in the transaction. The advisory team consisted of Cody Hundertmark, Tom Sitz, Jeremiah Olsen and Kelsey Berry, who led the investment sales assignment on behalf of the seller. Their role encompassed advising on the marketing and disposition of the asset and coordinating the sale to Prime Finance and Hines.
On the capital markets side, Cushman & Wakefield’s Equity, Debt and Structured Finance group advised Prime Finance in arranging acquisition financing for the purchase. That team was led by Jeff Altenau and focused on sourcing debt capital to support the transaction. While specific loan terms and the lender were not disclosed, the engagement underscores the integration of investment sales and capital markets advisory services on a single large downtown office trade.
Following the sale, Cushman & Wakefield is expected to be retained to oversee property management and agency leasing at 225 W. Wacker on behalf of Prime Finance. This continuity in onsite management and leasing is anticipated to provide stability for existing tenants and the new ownership group. According to Tom Sitz, 225 W. Wacker is one of the largest and highest-quality office towers to change hands in downtown Chicago since 2022, and the transaction demonstrates that institutional buyers remain active for best-in-class office assets.
