1 North LaSalle Street (Credit: OneLaSalle)
A joint venture of Hilco Real Estate and two executives from MB Real Estate Services is looking to sell a 47-story Loop office tower for $125 million.
The Hilco venture with Kevin Purcell and Peter Westmeyer of MB Real Estate bought the 88-year-old Art Deco building at 1 N. LaSalle St. in March 2016 for $82.5 million. The purchase was financed with a $64.5 million loan from BMO Harris, according to Crain’s.
The joint venture spent $4 million adding amenities, including an outdoor terrace, tenant lounge, conference center and fitness center. The tower became a Chicago landmark in 1996 and was added to the National Register of Historic Places in 1999.
The owners have tapped into the demand for vintage office buildings Downtown. They have raised rents 17 percent since taking over the North LaSalle building, according to Crain’s.
The 495,000-square-foot-tower is 86.2 percent leased, according to data from brokerage CBRE. No tenant has more than about 17,000 square feet, according to marketing flyer from HFF.
HFF brokers Jaime Fink and Jeff Bramson are representing the owners in the offering. [Crain’s] — John O’Brien