The acquisition may keep the 94-year-old building, designed by D.H. Burnham and Co. for The Peoples Gas Light and Coke Co., off the boards for multifamily redevelopers, suggests Jones Lang LaSalle managing director Bruce Miller.
"This building is part of a shrinking niche market of historic office buildings that front onto Michigan Avenue," he says. "As more of its neighbors are converted into residential properties, this office space will become scarce and therefore much more valuable."
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