Built in 1971, the building was completely renovated in the early 1990s, and is currently 92% occupied. The tenant roster includes several regional law firms and national financial firms, including Pacific Life, Mass Mutual and Merrill Lynch.
The purchase marks Harbor Group International's first move into the Chicago market. Jordan Slone, chairman and CEO of Harbor Group, says the company has been actively pursuing acquisition opportunities in the Windy City this year. "We continue to witness positive leasing momentum in the Chicago market, particularly for well-located downtown CBD assets," he says.
T. Richard Litton, president of Harbor Group, adds that the company purchased the building "at a significant discount to replacement cost, and we expect to benefit from improving operating fundamentals in Chicago." CB Richard Ellis and Lincoln Property Co. have been appointed as the leasing agent and property management company, respectively.
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