CNA sells 'Big Red' tower for $108 million
March 25, 2016

For the first time since its iconic red headquarters opened 44 years ago, CNA Financial is paying rent on it.

The namesake tenant in “Big Red,” CNA's 44-story tower at 333 S. Wabash Ave., sold the building yesterday to Chicago development firm John Buck for $108 million, CNA spokeswoman Sarah Pang said.

Buck is building CNA a new, John Ronan-designed headquarters at 151 N. Franklin St. in the Loop, which will be called CNA Center.

Yesterday's sale of the 1.1 million-square-foot building is part of a unique deal in which the insurer signed a short-term lease to remain a tenant in the Wabash Avenue tower and a long-term deal for about 275,000 square feet in Buck's new tower in 2018.

CNA and Buck first confirmed the plans in December, and Buck began construction of the new 35-story tower Feb. 29. Law firm Hinshaw & Culbertson has leased 100,000 square feet in the 800,000-square-foot tower.

CNA was represented by Greg Gerber, an executive vice president at New York-based Savills Studley...

CNA sells 'Big Red' tower for $108 million

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