Zeller Realty Group is buying 311 S. Wacker from Shorenstein Properties and Fremont Realty Capital. Photo from CoStar Group Inc.
Zeller Realty Group is buying the 65-story office tower at 311 S. Wacker Drive for more than $300 million, slightly more than the property sold for seven years ago.
A venture led by the Chicago-based real estate investment firm has agreed to acquire the nearly 1.3 million-square-foot building from a joint venture between two San Francisco-based investors, Shorenstein Properties LLC and Fremont Realty Capital L.P., according to sources.
The sources say Zeller is paying a little more than $300 million, the fifth-highest price paid this year for a downtown office property.
If the deal is completed as expected, the Zeller venture will take on a skyscraper that, despite a prime West Loop location and relatively young age, has been difficult to keep filled because it doesn’t have open floor plans that many tenants desire
Read more in Crain’s Chicago Business.