Shulman said the transaction was a long-term lease, but would not disclose a specific period of time. Asking lease rates for office are around $27, gross, Shulman says. The building's office component is about 82% leased, Shulman says, housing the Freed headquarters, an art gallery opened by the School of the Art Institute of Chicago, and Gensler, a global architectural firm.

The historic Sullivan Center was constructed about a century ago, and has been remodeled over the past seven years by building owner Joseph Freed & Associates. "We have a very unique property, and everyone likes it because it's a landmark property," says Wayne Shulman, SVP with HSA Commercial Real Estate, who represented Freed in the lease. "We're right in the middle of downtown Chicago, with access to all forms of transportation, tons of amenities, food, shopping and hotels."

The national historic landmark was designed by Louis Sullivan, and has been completely gutted in the renovations, which began in 2001 and are ongoing. When all remodeling is complete, the building will house one-million-sf of office and retail space. Construction is ongoing on the 250,000-sf retail portion, which is expected to deliver next year.