The building has been well-maintained and has a stable tenanthistory, according to James Walsh, vice president/investments atMarcus & Millichap. Walsh, along with Howard Wiese and BruceHarris of the Chicago office of Marcus & Millichap, representedthe seller in the transaction, a private business that had ownedthe property since 1980. The buyer, 19 South LaSalle Street, LLC, aGerman investor, was represented by Deanne Draeger, an associate inthe Manhattan office of Marcus & Millichap. The buyer needed tocomplete a 1031 exchange.

The property is currently 94% occupied, according to Walsh. Ithas approximately 50 tenants. Walsh tells GlobeSt.com that thebuilding recently underwent a $3 million capital improvementprogram that included mechanicals, the elevators and the building'sfacade. "The buyer, as soon as he looked at it, wanted to own it,"Walsh says. "The property went on the market May 1 and was undercontract within 15 days. The all-cash sale was concluded within 30days," Walsh adds.

Walsh says that the property sold at a cap rate of about 6%.Average asking price for office space in the building is $20.50 persf. Trammell Crow's First Quarter 2006 Chicago Downtown MarketReport lists the average asking price for office space in theCentral Loop goes for $26.76 per sf.