Zeller Realty Group Purchases 311 South Wacker, Chicago, Illinois
Zeller Realty Group leads the joint venture to purchase the Class A, 65-story West Loop office tower, and will lease and manage the prime asset.
CHICAGO (March 11, 2014) – Zeller Realty Group (ZRG) is pleased to announce the purchase of 311 South Wacker Drive in Chicago, Illinois. Founded by Paul Zeller in 1988, ZRG is a real estate investment company that has owned and managed Class A properties in the Midwest and Denver for over 25 years. The Chicago-based firm leads the venture that purchased the 1.3 million-square-foot tower, brokered by Steve Livaditis of Eastdil Secured on behalf of the seller. This acquisition grows the ZRG portfolio to over 8.2 million square feet. ZRG is a vertically-integrated commercial real estate owner/operator that will manage, market and lease 311 South Wacker.
Built in 1990, 311 South Wacker is a prominent feature on the Chicago skyline and provides a large, indoor winter garden filled with natural light and a combination of amenities. Its striking presence at the gateway to the West Loop provides 360 degree views, close proximity to the Metra and CTA stations and quick access to all expressways. With its illuminated crown at the top of the 65-story office tower, 311 South Wacker serves as a beacon to the City of Chicago.
“311 South Wacker is a solid Class ‘A’ office tower that provides an excellent opportunity to open a relationship with Cindat Capital Management, investment manager to a significant emerging Chinese capital source as our joint venture partner,” says Paul Zeller, Chairman and CEO of Zeller Realty Group.
Michael Kelley, President of Baltoro Capital Management, whose firm introduced Cindat to the transaction, noted “the quality of work and experience of Paul Zeller and his team provided our international investment clients the local market expertise and comfort necessary for our investment in this significant Chicago building.”
“311 South Wacker is a great compliment to the existing ZRG Chicago portfolio,” says Ari Glass, Executive Vice President at Zeller Realty Group. “We look forward to enhancing and refining this Chicago icon to ensure that 311 remains at the forefront of Class A West Loop office properties.”
“We did it! It’s been a goal of Zeller Realty Group to acquire an asset in the West Loop market for many years. We look forward to the opportunity to lease 311 South Wacker Drive to full occupancy and maintain its status as a world class building,” said Bob Six, Chief Operating Officer of Zeller Realty Group.