Skip Ribbon Commands
Skip to main content

News release


JLL Completes Sale of 101 N. Wacker to European Investor as Foreign Capital Continues to Flow into Chicago

New owners hire JLL as building’s new leasing agent

CHICAGO, Sept. 8, 2014 — In a deal that continues the torrential flow of foreign capital into the Chicago office market, JLL has completed the sale of the 24-story office tower at 101 N. Wacker Drive to LaSalle Investment Management on behalf of a European investor client.

Of the 10 buildings sold in downtown Chicago so far this year, five have now been purchased by off-shore investors, representing an investment of more than $845 million.

JLL International Director Bruce Miller and Senior Vice President Nooshin Felsenthal completed the sale of the 600,000-square-foot building last week on behalf the building’s seller, Houston-based Hines Interests L.P., which had invested more than $12 million in recent years on base-building improvements.

“Despite record-low yields, there continues to be fierce competition among both foreign and domestic investors for core office properties here,” Miller said. “Rising rents and increased absorption resulting from tenant migration into the CBD and a boom in the tech and creative sectors have made investors very bullish on Chicago.”

Located at the nexus of Chicago’s two most popular office submarkets – West Loop and River North – 101 N. Wacker features easy access to both Metra and CTA trains as well as breath-taking views and a variety of convenient on-site amenities. The building, which earned the 2011/2012 “Office Building of the Year” (TOBY) award in the Renovated Building category, is approximately 90-percent leased.

“High-quality West Loop assets benefiting from transit-oriented, amenity-rich infill locations will continue outperforming the overall CBD market with strong tenant and investor demand,” added David Schreiber, Managing Director of Acquisitions at LaSalle. “101 N. Wacker offers tremendous value to tenants who require a prime Wacker address, but more modest rent.”

Subsequent to the sale, LaSalle appointed JLL Senior Vice President Nikki Kern and Associate Kim Doyle as the building’s new exclusive leasing agents. JLL now leases a portfolio of 21 downtown Chicago office buildings totalling more than 16.5 million square feet, the most locally of any brokerage firm.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2013 alone, JLL Capital Markets completed $99 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page:

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.0 billion and gross revenue of $4.5 billion, JLL has more than 200 corporate offices, operates in 75 countries and has a global workforce of approximately 53,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.0 billion square feet, or 280.0 million square meters, and completed $99.0 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $50.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit