Prime Finance Buys Chicago's 225 W. Wacker Tower

The 31-story office tower sold for just over $115 million, a 45% discount from its 2020 purchase price.

Updated on Nov. 5, 2026 in Commercial

Prime Finance Buys Chicago's 225 W. Wacker Tower

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An affiliate of Prime Finance, in a joint venture with Hines, acquired the 31-story office tower at 225 W. Wacker Drive from Spear Street Capital. The sale closed on a Friday for just over $115 million, a 45% discount on the $210 million the seller paid in May 2020.

Why it matters

The trade was designated a short sale in tax documents, signaling the deep repricing of large Chicago office buildings. The price cut reflects broader pressure on downtown office values, which affects owners, lenders and the city's commercial tax base.

The tower is 651,000 square feet and was 86% leased when listed, with a weighted average lease term of 6.5 years. Cushman & Wakefield, the largest tenant, occupies more than 83,000 square feet.

The players

Hines

Hines is a global real estate investment firm headquartered in Houston that develops and manages office and mixed-use properties worldwide.

Cushman & Wakefield

Cushman & Wakefield is a global commercial real estate services firm that brokers leases and sales of office properties.

The details

Cushman & Wakefield began marketing the property in February. The buyer is an affiliate of Prime Finance in a joint venture with Hines, and the transaction was recorded in Cook County property records.

May 2020: Spear Street Capital bought the tower for $210 million.
February: Cushman & Wakefield began marketing the office tower for sale.
Friday, week of Nov. 4, 2026: The sale closed.

Market Landscape

Large Chicago office sales have carried an average discount of 71.4% since 2024, and this 45% markdown on the 225 W. Wacker tower is a smaller cut than that average. The sale fits a pattern in which downtown office owners are repricing assets well below their prior purchase prices.

Tenants in the tower, including Cushman & Wakefield with more than 83,000 square feet, keep their existing leases under the new ownership. Renters and buyers watching Chicago commercial space can expect the lower valuation trend to shape future lease negotiations.

The takeaway

Large office sales in Chicago are clearing at steep discounts, so owners who bought near the peak face sharp write-downs. Buyers and tenants should watch how these repriced assets are managed over the coming years.