Located in Chicago's Financial District, the 874,000-sf building was built in 1916 and renovated in 1982. The new owners plan to invest $25 million to upgrade the building. Currently, rents in the 60%-occupied building range from $6 to $10 per sf net.
"We believe that we are buying this classic property at close to the bottom of the office cycle," Barry Mansur, chairman of Prime Mansur, said in a statement. "We plan to renovate and aggressively market this great building and take advantage of its prestigious location."
Prime Mansur has retained Steve Holmberg, senior director with Cushman and Wakefield to head leasing of the building. Holmberg was responsible for leasing 208 S. LaSalle for two prior owners.
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