DLA Piper represented the Related Companies, a preeminent developer of luxury condominium and rental homes, affordable housing communities and mixed-use properties in Chicago, in the US$328.23 million sale of OneEleven, a 504-unit luxury apartment tower located at 111 W. Wacker Drive, to Heitman, a global real-estate investment-management firm based in Chicago. At $651,000 per unit, it is the highest amount ever paid for an apartment building in Chicago.

The sale comes just three years after Related acquired and redeveloped the high-profile site at Clark Street and Wacker Drive, once slated to house a 90-story Shangri-La hotel and condominium tower. Construction was halted during the recession, and the partially constructed base of the original tower sat untouched for several years until Related took over the property in 2011. The firm reimagined the site as a 60-story apartment high-rise that introduced a new level of luxury rental housing to Chicago’s central business district. Related Midwest redeveloped the property and commenced leasing in spring of 2014.

Designed by New York-based Handel Architects and featuring interiors by Kara Mann Design, OneEleven offers a mix of studio, convertible and one-, two- and three-bedroom residences, including penthouses, and more than 30,000 square feet of indoor and outdoor amenity space. The property is more than 80 percent leased, making it one of the fastest-leasing apartment developments in the city.

In addition to counseling the Related Companies on its acquisition, DLA Piper also counseled Related on the financing and construction agreement for this complicated redevelopment of a stalled high-rise project.

The DLA Piper team representing the Related Companies on all aspects of the transaction, included Richard F. Klawiter, Robert H. Goldman, and Aaron R. O'Donnell (all Chicago).