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Harbor Buys Burnham Center Tower for $79M

CHICAGO-The company is purchasing the historic building for $79.5 million and signs a new tenant for more than 50,000 sf.

By Gina Kenny | Updated on March 11, 2007

CHICAGO-An affiliate of Harbor Group International LLC of Norfolk, VA has purchased the historic 22-story Burnham Center, 111 W. Washington St., for $79.5 million. The 512,354-sf office building was purchased from TIC Properties LLC, which had purchased the building in 2005 for $71.9 million from Zeller Realty Group and ING.

The center, listed on the National Register of Historic Places, was constructed in 1914 and was one of the last buildings designed by famed Chicago architect Daniel Burnham. Harbor Group says it purchased the property because it is trying to strengthen its Chicago presence. “We made a strategic decision to really actively and aggressively pursue some CBD [Central Business District] office investments in Chicago,” says Richard Litton Jr., president of Harbor. Harbor was also seeking different types of buildings from those previously purchased. Last September, Harbor Group entered the Chicago market with the purchase of the 512,354-sf 300 S. Wacker Dr., and, in February, Harbor Group purchased the 713,030-sf Two North LaSalle for $152.7 million.

The Burnham Center “caters to a very unique set of tenants and we think a stable set of tenants,” Litton says. The property is currently 94% leased with 127 tenants, including many law firms. The asking rates for the building are about $21 per sf gross for the lower floors and $23 per sf gross for the upper floors, Litton says. CB Richard Ellis will continue as leasing agent and manager of the property.

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