Two North LaSalle was constructed in 1979 and renovated in 1999.The building is currently 99% leased. Tenants include Neal, Gerber& Eisenberg LLP, Computershare, the Hartford Insurance FireCo., Harris Associates and Levenfeld Pearlstein. "The building isfully leased with long-term leases so it fits in our portfolio asone of our more stable assets," says Richard Litton Jr., presidentof Harbor. More than $2 million will be spent on renovations to thebuilding, such as work on the elevators and facade work.

|

Harbor purchased the property because it is trying to strengthenits Chicago presence and because of the buildings location, Littonsays. "We have been watching the Chicago office market for a numberof years," he says. "We wanted to wait until we thought that themarket was starting to show real tangible signs of improvement interms of falling vacancies and rising rents." Litton tellsGlobeSt.com that the building's location in the heart of theCentral Business District and the "proximity to the governmentalhub" made the building extremely appealing.

|

Last September, Harbor Group entered the Chicago market with thepurchase of the 512,354-sf 300 S. Wacker Dr., and followed it withthe purchase of the Burnham Center, at 111 W. Washington St. Thepurchase of Two North LaSalle "is the largest transaction we havedone in our history," he says. "It evidences our continuing abilityto do larger and larger transactions, and we plan to continue to beactive in this market and other markets in the country," he says.Harbor Group has an investment portfolio of more than $1.7 billion,with more than six million sf of office space and more than 10,000apartment units.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.