A Virginia real estate firm is expected to pay more than $230 million for a West Loop office tower in the largest downtown sale this year.
Norfolk, Va.-based Harbor Group International LLC is close to finalizing a deal for the 40-story office tower at 1 S. Wacker Drive, which has nearly 1.2 million square feet of office space, sources said. An exact price could not be determined, but the sources estimated it would exceed $190 a square foot, or more than $230 million.
Harbor is buying the high-rise from TIAA-CREF, which paid $209 million for the property in February 2002, when it was 11 percent vacant.
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