John Hancock Financial Corp., the U.S. division of Canadian insurer Manulife Financial Corp., is selling its office tower at 1 S. Wacker Drive in Chicago for approximately $370 million, Crain's Chicago Business reported, citing an unnamed source familiar with the offering.
For sale is a 1.2 million-square-foot tower with almost a quarter of empty space. Its largest tenant, according to CoStar Group, is accounting firm RSM McGladrey, the paper noted.
Jones Lang LaSalle is assisting with the marketing of the Wacker Drive tower that was purchased by the current seller in 2015 for over $344 million from Norfolk, Va.-based Harbor Group International. Together, Manulife and Harbor Group spent $22 million on the tower's refurbishment, according to the May 23 report.
A company spokesperson could not be reached for comment regarding the divestment, the publication added.
