Manulife Financial, one of the nation’s largest life insurance companies, has purchased a 732,000-square-foot office building in downtown Chicago.
The value of the transaction was $222 million.
National Office Partners Limited Partnership, a partnership of the California Public Employees’ Retirement System (CalPERS) and Hines, an international real estate firm, sold the property.
The 37-story property is located at 191 North Wacker Drive in the Central Business District’s West Loop.
Developed by Hines in January 2003, 191 North Wacker was 90 percent leased at the time of sale with a tenant base that includes: Gardner Carton & Douglas LLP; Much Shelist Freed Denenberg Ament & Rubenstein, P.C.; Watson Wyatt Worldwide; Heitman Financial; and RSM McGladrey.
Cushman & Wakefield represented NOP in the transaction.
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