German investment fund KanAm US Grundinvest Fonds has bought 333 West Wacker Drive in’s West Loop district. The sale price was reportedly $208 million, which represents a 37% increase in the property’s value in less than two years. The capitalization rate — or initial yield — was around 6.65%.
The 867,821 sq. ft. property is 93% occupied by a tenant roster that includes Nuveenand law firm Skadden, Arps, Meagher & Flom. Over the past four years, more than $2.6 million worth of capital improvements have been undertaken here. WestWind Capital Partners, an Atlanta-based real estate advisory firm, purchased the building for KanAm.
"The property’s superb location, iconic, strong tenant roster and below-market rates promise strong returns for KanAm and its investors," says Stephen McCarthy, managing director of WestWind.