Tall & Urban News

A pair of investors backed by foreign capital are poised to take over two prominent downtown office buildings in deals totaling US$400 million, deals that show buyers are emerging for downtown office properties—but at much lower prices than they would have had to pay before the COVID-19 pandemic.

In the larger of the two, Virginia-based real estate investment firm Firenze Group is close to finalizing a contract to pay more than US$310 million for the 65-story tower at 311 S. Wacker Drive, according to sources familiar with the negotiations.

In the other, Miami-based Agave Holdings—the real estate arm of the family that makes Jose Cuervo tequila—is finalizing a deal to pay around US$85 million for the 28-story building at 225 W. Washington St., sources said.

For more on this story, go to Crain's Chicago.