Piedmont Finalizes $387M Sale of Majority Stake in Leo Burnett Bldg.

Piedmont Office Realty Trust (NYSE:PDM), an Atlanta-based REIT, completed the sale of its 96.5 percent stake in Chicago’s 35 W. Wacker Drive to UBS Global Asset Management for approximately $ 387 million or $ 359 per square foot. The price equates to a value of nearly $ 401 million for 100 percent of the property, according to Piedmont.

Completed in 1989, the 1.12 million-square-foot, 50-story, Class A office tower was fully leased at the time of…
National Commercial Real Estate News From CoStar Group