Prime Finance, Hines acquire Chicago office tower for $115M

CHICAGO - Prime Finance and Hines acquired the 225 W. Wacker Drive office tower in downtown Chicago for $115 million, according to a press release. The 31-story building, spanning approximately 651,000 square feet, is situated at the intersection of Wacker Drive and Franklin Street along the Chicago River. Prime Finance and Hines purchased the property from Spear Street Capital.

Cushman & Wakefield acted as the advisor for Spear Street Capital during the sale, while Cushman & Wakefield's Equity, Debt and Structured Finance group supported Prime Finance in acquiring financing. The firm will continue to be an anchor tenant in the building, overseeing property management and agency leasing for Prime Finance. Cushman & Wakefield, reported to have generated $10.3 billion in revenue in 2025, will also oversee the property management and agency leasing.

The newly acquired property underwent capital improvements under Spear Street Capital, including a lobby renovation, upgraded conferencing spaces, tenant lounge, fitness facilities, and a rooftop terrace. The 31-story building provides direct access to Chicago's Riverwalk and is located near the city's transportation network. Under the new ownership, Prime Finance plans to make additional investments, including a lobby-level restaurant and bar.