Office N Illinois

Vintage Chicago high-rise hits the market

One N. LaSalle Street, a 47-story Art Deco office building in Chicago’s Loop, is on the market. According to a report from Crain’s, the ownership group—a joint venture of Northbrook-based Hilco Real Estate and two MB Real Estate executives—hopes to sell the property for $125 million.

The investors acquired the building for $82.5 million in 2016 and have put in $4 million worth of upgrades. These include a tenant lounge, conference facility, fitness center, bike room and rooftop deck.

A Chicago landmark, the building contains 490,000 square feet of rentable space, including some recently renovated floorplates with loft-like characteristics. The flip should earn the investors a decent return, as vintage office towers have been popular lately.

One N. LaSalle is 86.2 percent leased, with tenants including title firm Property Insight, nonprofit Youth Guidance and Prometric, a test development company. Holliday Fenoglio Fowler, the brokerage that is marketing the building, was tapped last year to move the Clark Adams Building at 105 W. Adams Street.