Cushman & Wakefield has closed the $115 million sale of 225 W. Wacker Drive, a 31-story, 651,000-square-foot Class A office tower perched over the Chicago River at the seam where downtown's West Loop and River North neighborhoods meet.

Prime Finance and Hines bought the building from Spear Street Capital, the San Francisco-based investor that had owned it through a stretch of heavy capital spending. The price works out to roughly $177 per square foot — a figure that tells you plenty about where downtown Chicago office values sit right now.

Who did what in the deal?

The brokerage side of the transaction stayed almost entirely in-house at Cushman & Wakefield. Cody Hundertmark, Tom Sitz, Jeremiah Olsen and Kelsey Berry represented the seller, Spear Street Capital. Jeff Altenau, also of Cushman & Wakefield, advised Prime Finance in sourcing acquisition financing.

And the firm's involvement doesn't end at the closing table. Cushman & Wakefield is expected to be retained to oversee property management and agency leasing (the handling of tenant recruitment on behalf of the owner) for Prime Finance going forward.

There's a simpler reason the firm's name stays on the directory: it's an anchor tenant. Cushman & Wakefield occupies space in the tower and will remain in place under the new ownership. The broker, in effect, sold a building it works in — and will keep working in.

What did the previous owner leave behind?

Spear Street Capital's tenure produced a substantial reinvestment program. The upgrades included:

• A full lobby renovation
• Upgraded conferencing and collaboration spaces
• A hospitality-driven tenant lounge
• Fitness facilities
• An outdoor rooftop terrace

That package of amenity investments is the standard playbook for landlords competing for tenants in a market where office demand has thinned and buildings fight harder for every lease. Spear Street essentially renovated the asset into a more leasable product, then handed it to buyers willing to spend more on top.

What happens next at 225 W. Wacker?

The new ownership isn't done spending. Prime Finance and Hines plan additional investments, headlined by a re-envisioned lobby-level restaurant and bar. Food-and-beverage offerings have become a differentiator in the amenity arms race, and a ground-floor destination doubles as street-level marketing for the building itself.

For Hines, the purchase adds another Chicago asset to a global development and investment portfolio. For Prime Finance, the deal pairs an income-producing tower with a financing structure assembled with Cushman & Wakefield's advice.

The transaction also lands as a data point in a Chicago office market still digesting elevated vacancy. A Class A tower with refreshed amenities, a riverfront address and an anchor tenant in place cleared at $115 million — and the buyers signaled they see room to add value rather than simply harvest rent. That's a bet on the top end of the market holding firm.