Cape Sells Central Loop Offices for $10M

CHICAGO-Cape Horn Group has sold 35,000 sf of office for nearly $10 million at its 414,000-sf LaSalle Wacker office building, at 221. N. LaSalle. In this transaction, the first wave of sales for the 41-story Central Loop building being converted into office condos, space was acquired by eight companies, including five law firms, for $230 to $300 per sf.

The owner of the riverfront property was represented by Russ Cora, Larry Cohn and Juan DeAngulo.”Sales have been good, but of course, anyone would say they’d love see them sell faster,” DeAngulo tells GlobeSt.com. “There’s a general wait-and-see attitude with the election coming up, but we’ve had great activity obviously the last three to four weeks. We expect a lot of decisions toward the end of this year, and early next year.”

The building was purchased in 2006 by an affiliate of Cape Horn, and the company put the building space on the market in February. The building’s occupancy rate is higher than 82%, and remains a mix of office suites and leased space awaiting conversion, according to DeAngulo. “From an ownership standpoint, you’re on Wacker Drive and owning a piece of history that has been part of the skyline for decades,” DeAngulo says. “The building has many amenities and a great tenant community.” DeAngulo says the building also offers proximity to public transportation, just minutes from Union Station, and to the courts, which has proven especially attractive for the numerous law firms that have chosen to locate there.