Gohagan & Co. currently is leasing between 10,000 sf and 11,000 sf at 224 S. Michigan Ave. The company is expanding and chose the Roanoke building because "the owners of the company love the historic nature of the building," Reschke says. Additionally, the company will be leasing the second floor of the building. Kevin McCarthy and Michael Tirpak with Staubach Co. represented Gohagan & Co. Michael Watts and Lauren Alexander with JF McKinney & Associates represented Prime Group.

The building is currently 60% leased with smaller tenants, such as service industry firms. The asking lease rate is currently $27 per sf gross with the rates expected to increase to $30 per sf gross when a $25 million renovation is completed. The lobby renovations are expected to be completed in March with the façade work completed in April, Reschke tells GlobeSt.com. All of the elevators are also being replaced, two at a time, which will continue through the summer. Pierre Arnault is designing the exterior lighting for the building, which should be finished by June 1.

The building is listed on the National Register of Historic Places and Prime Group is seeking city landmark status. The Chicago City Council's Historical Landmark Preservation Committee approved the status last week, Reschke says. The designation still needs full city council approval. With the landmark status, Prime Group can receive a federal tax credit of 20% of the construction cost and receive approximately a 50% reduction in real estate taxes for 12 years. The building was designed by the Chicago architectural firm of Holabird & Roche and the original 16 stories were constructed in 1915. In 1922, the building was increased to 21 stories, and then to its current 35-story height in 1925.