CHICAGO-CME Group has hired two firms to sell two of the three historic Chicago Board of Trade buildings at the base of the financial district downtown, valued at a reported $210 million. The derivatives firm hired Jones Lang LaSalle and Holly Duran Real Estate Partners to market the 1.4-million-square-foot north and south buildings.
The complex includes the north and south buildings, and the 288,000-square-foot east building. CME occupies the entire east building, and leases about 150,000 square feet in the other two towers, including the agricultural trading floor.
In a statement, CME Group CFO Jamie Parisi said the company will continue to lease the space after the sale for 15 years. “The sale…will enable CME Group to continue to reinvest in our core derivatives business,” he said. The company took over the buildings when it took over the Chicago Board of Trade in 2007.
The complex at 141 W. Jackson Blvd. in the Central Loop was built in 1930 and designated a historic landmark in 1978. The iconic north building stands at the base of LaSalle Street and, due to the nature of the building, includes infrastructure redundancies with regards to power, cooling and telecommunications. The latest renovation was a $20 million project in 2006.
Bruce Miller, managing director at JLL, tells GlobeSt.com that the active marketing of the 83%-occupied north and south buildings will begin in a couple weeks. “We’ve already seen evidence that Chicago is very attractive to national and global investors, with sales of large buildings in the city last year. This is just a continuation of that trend,” he says.
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