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News release

Chicago

Value-Add Chicago tower sells after competitive bidding process

JLL completes $145 million sale of 125 South Wacker


CHICAGO, May 25​, 2017 – On behalf of a partnership between MetLife and Allstate, JLL's Capital Markets experts today announced the company completed the sale of 125 South Wacker, a 575,897-square-foot office building in Chicago's West Loop. A partnership between Callahan Capital and Ivanhoe paid $145 million for the building. ​

JLL's International Director Bruce Miller and Managing Director Nooshin Felsenthal​ led the team on the sale.

"We're seeing investors continue to flock to Chicago's Wacker corridor where there are historically low single-digit vacancy rates," said Miller. "There is a lot of confidence in properties like 125 South Wacker where a well-executed repositioning play and rent strategy will lead to great returns."

Added Felsenthal: "This was a highly competitive bidding process. Investors were drawn to the prospect of purchasing a building with a premier location, efficient and flexible floor plates, and the opportunity to attract credit tenants."

Located next to the Willis Tower, 125 South Wacker sits in Chicago's sought after West Loop submarket, where occupancy is currently above 90 percent. The tower is currently 80 percent occupied, giving the new owners an opportunity to add value. The building benefits from many nearby transit options including Metra access at Union and Ogilvie stations, five El lines, and easy access to all area highways. The area also will see a boost in amenities when 300,000 square feet of retail space delivers at the base of Willis Tower in 2019.

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 2016 alone, JLL Capital Markets completed $145 billion in investment sale, debt and equity transactions globally. The firm's Capital Markets team comprises more than 2,000 specialists, operating all over the globe.

For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.

For more news, videos and research resources on JLL, please visit the firm's U.S. media center Web page: http://bit.ly/18P2tkv.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At the end of the first quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 78,000. As of March 31, 2017, LaSalle Investment Management had $58.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.