The owner of the riverfront property was represented by RussCora, Larry Cohn and Juan DeAngulo."Sales have been good, but ofcourse, anyone would say they'd love see them sell faster,"DeAngulo tells GlobeSt.com. "There's a general wait-and-seeattitude with the election coming up, but we've had great activityobviously the last three to four weeks. We expect a lot ofdecisions toward the end of this year, and early next year."

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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 mixof office suites and leased space awaiting conversion, according toDeAngulo. "From an ownership standpoint, you're on Wacker Drive andowning a piece of history that has been part of the skyline fordecades," DeAngulo says. "The building has many amenities and agreat tenant community." DeAngulo says the building also offersproximity to public transportation, just minutes from UnionStation, and to the courts, which has proven especially attractivefor the numerous law firms that have chosen to locate there.

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Investor Pearl Properties purchased 14,433 sf on the building'sfirst floor. Five law firms also acquired space in the building:Parente and Norem bought 4,484 sf to occupy the building's entire27th floor, Samuel V. P. Banks purchased 4,043 sf on the 38thfloor, Dwyer & McDevitt Ltd. bought 2,958 sf on the 16th floor,Dinizulu Law Group 2,024 sf on the 11th floor, and Zhang &Associates 1,521 sf on the 12th floor. Two tenants previouslyleasing in the building bought their space. Digital imaging firmImageFiction, of Chicago, purchased the 1,867 sf it has beenoccupying on the 15th floor. Retail technology and paymentspecialist W. Capra Consulting purchased its 3,871 sf on the 13thfloor.

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The art deco building offers waterfront and skyline views, andhas had recent remodeling, including upgraded elevators, atouch-screen lobby directory, a building concierge, extendedfitness center hours, and car washing in the building's parkinggarage. DeAngulo says purchasing rather than renting officepresents a solid investment for any company. "They build equity,and they have a lot of pride in knowing they own their own space,"DeAngulo says. "They secure a location for their future, they neverhave to be at the whim of the ups and downs of a leasing market andtheir mortgage payment doesn't change. The recent changes in theeconomy highlight and only enhance the benefits of having money ina hard asset like commercial real estate, which is protected fromthe effects of an economy."

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DeAngulo says the building's location within the Central Loopsubmarket has strengthened sales. "It's probably the strongestsubmarket downtown," DeAngulo says. "You're seeing a lot of peopleleaving other submarkets and coming to the Central Loop because ofthe river and the restaurants and the transportation."

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