The project, much of it restoring the limestone façade of the building that stands at the southern end of the city's LaSalle Street canyon, will be aided by a Class L property tax incentive. The tax break, aimed at preserving the city's landmark properties, is estimated to be worth nearly $10 million, according to department of planning and development officials. Chicago Board of Trade Corp.'s most recent property tax bill was nearly $6 million, based on a market value of about $87 million for the 1.5-million-sf building, according to the Cook County Assessor's office.
The incentive was endorsed Thursday by the Commission on Chicago Landmarks, and is expected to be approved by the city council.
"Obviously, this is one of the major institutions in Chicago," says deputy planning and development commissioner Brian Goeken. "The department is very supportive of this project."
Equity market maker PEAK6 recently leased 33,000 sf, taking the historic trading floor. However, futures trading firm Goldenberg, Hehmeyer & Co. is among the companies that have left the 75-year-old building in recent months.
Besides restoring the limestone façade, improvements will be done to the lobby of the 43-story building that was once the tallest structure in the city, as well as lighting of the southern tower and tenant improvements. "We're very excited about it," says Chicago Board of Trade Corp. VP of real estate operations Kevin Lennon. "We think it will do great things for the building."
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