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Manulife John Hancock asking $370M for renovated Loop tower

1 South Wacker Drive

Manulife John Hancock is looking for buyers for its 40-story office tower at 1 South Wacker Drive in the Loop, just three years after buying the complex for $344 million.

The Toronto-based company is asking for about $370 million on the heels of its $22 million renovation of the Helmut Jahn-designed building, brokers with JLL told Crain’s. The work included a new floor of amenities, plus updates to the building’s lobby and elevators.

The 1.2-million-square-foot tower is around 75 percent leased, down from a roughly 85 percent occupancy when John Hancock Real Estate bought the building in 2015. Its largest tenant, accounting firm RSM McGladrey, leases about 220,000 square feet, according to CoStar.

A deal would represent John Hancock’s third sale of an office building in the past year, following the Crain Communications Building at 150 N. Michigan Ave., and the suburban Schaumburg Corporate Center. [Crain’s Chicago Real Estate] — Alex Nitkin

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