The building has been well-maintained and has a stable tenant history, according to James Walsh, vice president/investments at Marcus & Millichap. Walsh, along with Howard Wiese and Bruce Harris of the Chicago office of Marcus & Millichap, represented the seller in the transaction, a private business that had owned the property since 1980. The buyer, 19 South LaSalle Street, LLC, a German investor, was represented by Deanne Draeger, an associate in the Manhattan office of Marcus & Millichap. The buyer needed to complete a 1031 exchange.

The property is currently 94% occupied, according to Walsh. It has approximately 50 tenants. Walsh tells GlobeSt.com that the building recently underwent a $3 million capital improvement program that included mechanicals, the elevators and the building's facade. "The buyer, as soon as he looked at it, wanted to own it," Walsh says. "The property went on the market May 1 and was under contract within 15 days. The all-cash sale was concluded within 30 days," Walsh adds.

Walsh says that the property sold at a cap rate of about 6%. Average asking price for office space in the building is $20.50 per sf. Trammell Crow's First Quarter 2006 Chicago Downtown Market Report lists the average asking price for office space in the Central Loop goes for $26.76 per sf.