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Harbor Acquires Two North LaSalle for $153M

CHICAGO-Harbor Group International says this is the largest commercial property transaction in the company's history.

By Gina Kenny | Updated on February 10, 2007

CHICAGO-An affiliate of Harbor Group International LLC of Norfolk, VA has purchased the 713,030-sf Two North LaSalle building for $152.7 million. The 26-story office tower, at 2 North LaSalle St., was purchased from an affiliate of Beacon Capital Partners. Beacon had purchased the property late last year, reportedly for $142 million, after Trizec Properties Inc. sold to the property to Blackstone as part of a four-building, $438-million Chicago portfolio.

Two North LaSalle was constructed in 1979 and renovated in 1999. The building is currently 99% leased. Tenants include Neal, Gerber & Eisenberg LLP, Computershare, the Hartford Insurance Fire Co., Harris Associates and Levenfeld Pearlstein. “The building is fully leased with long-term leases so it fits in our portfolio as one of our more stable assets,” says Richard Litton Jr., president of Harbor. More than $2 million will be spent on renovations to the building, such as work on the elevators and facade work.

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