Jun
13

Iconic Chicago Real Estate for Sale

June 13, 2011

One of the city’s most historic pieces of Chicago real estate has hit the market.

We just talked about the CME Group Inc., which owns the Chicago Merchantile Exchange and the Chicago Board of Trade and has threatened to leave Illinois due to a recent increase in the state’s corporate taxes.

The Chicago Board of Trade Building

The CBOT anchors Chicago's financial district.

Now the CME is selling the CBOT.

The company announced Monday that it has hired Jones Lang LaSalle and Holly Duran Real Estate Partners LLC to market the Chicago Board of Trade property at 141 W. Jackson Boulevard in Chicago’s Central Loop.

There are three buildings at the CBOT; the north, south and east towers. The 1.4 million-square-foot north (main tower) and south (the Annex) buildings will be available as a partial sale-leaseback.

CME will keep ownership of the 288,000-square-foot east building, which includes its financial-futures trading floor. The company will also lease about 150,000 square feet in the north and south buildings for trading and office space.

“CME Group remains committed to our floor based membership and open outcry trading services, which continue to be a profitable part of our business and serve our customers well,” said Jamie Parisi, CME Group Chief Financial Officer.

Ceres on top of the CBOT

Ceres sits proudly atop the CBOT

The Art Deco skyscraper was built in 1930. It was designated a Chicago Landmark in 1977 and a National Historic Landmark in 1978. In 2006, it underwent a $20 million renovation.

Its building is well known for its three-story sculpture of Ceres, the Roman goddess of agriculture and grain.

“This is truly one of the most iconic buildings in the Chicago skyline, amidst a city known for its architecture,” said Bruce Miller, managing director at Jones Lang LaSalle.

“But in addition to its outer beauty, this landmark also offers enormous infrastructure redundancies with regards to its power, cooling and telecommunications, making it quite appealing to tenants. That, and its significant upside, will be a major draw for investors.”

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