Chad Firsel, EVP, Art Burrows, SVP, and John Bullen, associate, all with NAI Hiffman's Investment Services Group, represented both the buyer and seller in the sale. "It's a phenomenal location," Firsel tells GlobeSt.com. "Marc Realty owns a significant amount of real estate in Chicago. This added to their portfolio and it made sense for them to buy."

The building has 75% occupancy, with some new leases in the works, and asking lease rates around $25, gross, Firsel says. Current tenants in the building include Hogan Marren Ltd., Coogan's Riverside Saloon, Hitchcock Design Group, HTAH Law and FSNB Private Bank. The building was constructed in 1912, originally designed by famed architects Holabird & Roche as a warehouse, but converted to office use in 1981.

The property, at the intersection of Lake Street and North Wacker Drive, is in the West Loop submarket. "It's definitely one of the stronger markets in Chicago," Bullen says. "When we were marketing the building, the general consensus was that this was one of the healthier markets in the area and we needed to capitalize on the upswing."