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CHICAGO-The Roanoke Building, 11 S. LaSalle St., has been designated a Chicago landmark. The Chicago City Council recently approved the designation. The building had already been listed on the National Register of Historic Places. Now, with the landmark status, Prime Group can receive a federal tax credit of 20% of renovations and receive approximately a 50% reduction in real estate taxes for 12 years, says Michael Reschke, chairman and CEO of Prime Group.

The building was designed by architectural firm Holabird & Roche and is the city’s only example of Portuguese Gothic architecture. The original 16 stories were constructed in 1915. In 1922, the building was increased to 21 stories, then to its current 37-story height in 1925. The 330,000-sf building was acquired by an affiliate of the Prime Group in 2006 for $19.1 million, as previously reported by GlobeSt.com.

The building is currently in the midst of a $25-million renovation, Reschke says. Renovations include renovation of the lobby, updating of common areas and new high speed elevators, he says.

The building is 60% leased. Tenants include small law firms, accounting firms, insurance agencies and travel agencies, Reschke says. The asking lease rate is currently $27 per sf to $30 per sf gross with the rates expected to increase to starting at $30 per sf by 2009, he tells GlobeSt.com. Lobby renovations are expected to be completed in March with the facade work completed in April or May. The replacement of the elevators should be finished by the fourth quarter of this year. Pierre Arnault is designing the exterior lighting for the building, which will be completed this summer, he says.

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