CHICAGO-A joint venture of locally based GlenStar Properties LLC and USAA Real Estate Co. has purchased the Chicago Board of Trade buildings downtown, totaling 1.3 million square feet, from CME Group for $151.5 million. The seller had hoped to get up to $210 million for the building at 141 W. Jackson, which has a north and south tower.
CME has agreed to lease back 150,000 square feet in the building for 15 years, including the Agricultural Trading Floor as well as office and trading floor support space. The firm will also continue to own the 288,000-square-foot east building, which CME fully occupies. The east building’s address will be changed to 333 S. LaSalle St.
Michael Klein, principal at GlenStar, said his firm is thrilled to have the opportunity to reposition and introduce this iconic property to the market. “Together, we have a clear vision for leveraging the extraordinary technological infrastructure and redundancies of this telecommunications powerhouse,” he said in a statement. “We look forward to expanding the tenant base and attracting a wealth of new technology companies to this premier property.”
Jamie Parisi, CFO for CME, said in a separate statement that the company is committed to staying in Chicago. “(The sale will) allow CME Group to continue to focus on what we do best – running our exchanges and providing risk management tools to the world,” he said.
Holly Duran and Jeff Mulder with Holly Duran Real Estate Partners LLC, joined by Bruce Miller, Jim Postweiler and Nooshin Felsenthal with Jones Lang LaSalle assisted CME in the transaction. The two firms were hired by CME this past summer to market the building in a sale-leaseback. Jim Rosenbloom and Mike Manuel with the Goldberg Kohn represented CME in legal matters.
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