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German Fund Syndicator Buys West Loop Chicago Office Building

German investment fund KanAm US Grundinvest Fonds has bought 333 West Wacker Drive in Chicago’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 Nuveen Investments and 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 design, strong tenant roster and below-market rates promise strong returns for KanAm and its investors," says Stephen McCarthy, managing director of WestWind.

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