The center, listed on the National Register of Historic Places,was constructed in 1914 and was one of the last buildings designedby famed Chicago architect Daniel Burnham. Harbor Group says itpurchased the property because it is trying to strengthen itsChicago presence. "We made a strategic decision to really activelyand aggressively pursue some CBD [Central Business District] officeinvestments in Chicago," says Richard Litton Jr., president ofHarbor. Harbor was also seeking different types of buildings fromthose previously purchased. Last September, Harbor Group enteredthe Chicago market with the purchase of the 512,354-sf 300 S.Wacker Dr., and, in February, Harbor Group purchased the 713,030-sfTwo North LaSalle for $152.7 million.

The Burnham Center "caters to a very unique set of tenants andwe think a stable set of tenants," Litton says. The property iscurrently 94% leased with 127 tenants, including many law firms.The asking rates for the building are about $21 per sf gross forthe lower floors and $23 per sf gross for the upper floors, Littonsays. CB Richard Ellis will continue as leasing agent and managerof the property.

The building is also somewhat unique in that the lower sixfloors of the building have very large floor plates while theremaining floors have "small suite spaces." The smaller spaces"have stayed very well leased through the different owners of thebuilding" but the same cannot be said for the lower floors. Thereare four tenants for the lower six floors with 123 tenants in therest of the building. Tenants on the lower floors include CookCounty with nearly 65,000 sf, Cole Taylor Bank with 38,000 sf andNationwide with about 13,500 sf. OWPP architectural and engineeringfirm, with almost 72,000 sf, is the only major tenant occupying theupper floors.