The landmark Loop tower’s owners look to cash out while the downtown office market is thriving. And with an asking price of more than $330 million, a sale would set a high bar for property values along LaSalle Street.
A joint venture of Chicago-based developer GlenStar Properties and Los Angeles-based private-equity firm Oaktree Capital Management is seeking more than $330 million for the 44-story office building at 141 W. Jackson Blvd., according to sources familiar with the offering.
A sale at nearly $240 per square foot would dwarf what the building overlooking the Loop’s financial corridor has traded for in recent years, netting the owners a big gain after major renovations and a flurry of leasing activity.
Among the recent additions: Chicago engineering design firm Talman Consulting last year signed a five-year lease for 17,000 square feet on the building’s 16th floor, and insurance company Resolute Management recently moved into about 19,000 square feet on the ninth floor, according to real estate information company CoStar Group. Tampa-based third-party logistics firm BlueGrace Logistics opened an office there last year and recently expanded to 15,000 square feet.
CME Group, which signed a 15-year lease for about 148,000 square feet in 2012 when it sold the building to GlenStar and USAA, remains the largest tenant.
The property posted $7.2 million in net operating income in 2018 from about $30 million in top-line revenue, according to the Bloomberg report.
Known for its open outcry trading pits and the faceless aluminum statue of Ceres, the Roman goddess of agriculture, that stands atop its roof, the CBOT Building was built in 1930 and stood as Chicago’s tallest tower until 1965, when it was supplanted by the Richard J. Daley Center. The Art Deco tower—which had cameos in movies like “Ferris Bueller’s Day Off” and “The Dark Knight” and served as the studio home for the 1970s TV dance show “Soul Train”—was designated a Chicago landmark in 1977 and listed on the National Register of Historic Places in 1978.