Hines sinks cash into Chicago high-rise

International real estate firm Hines this week announced that its U.S. Core Office Fund LP paid an undisclosed amount for One North Wacker, a 51-story office tower in downtown Chicago.

Sold by a German investment fund managed by RREEF, the 1.4 million-square-foot building is located in the city's West Loop submarket. Completed in 2001, amenities include a 9,000-square-foot conference center and a health club facility. Parking is provided in a two-level, 230-space garage.

At the time of sale, the property was 98 percent leased to tenants that included UBS, PricewaterhouseCoopers and Citadel.

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