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John Buck, Morgan Stanley seek buyers for Chicago office tower

John Buck Co. and its partner Morgan Stanley are seeking buyers for Big Red, a 1.1 million-square-foot office property in Chicago, which is expected to attract bids of roughly $375 million, Real Estate Alert reported.

The duo hired JLL to list the 333 S. Wabash Ave. tower after its main tenant, CNA Financial Corp., vacated its 750,000-square-foot space.

John Buck and Morgan Stanley acquired the property from CNA for $108 million in 2016 and simultaneously agreed to build the global financial services firm a new headquarters building at 151 N. Franklin St. in the West Loop, according to the report.

Northern Trust agreed to lease 548,000 square feet at the property beginning in 2020, following the completion of renovations.