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CHICAGO-Greaves Travel was one of three companies that recently bought space at the 414,000-square-foot LaSalle Wacker. In recent years, 221. N. LaSalle was converted by Cape Horn Group to office condos, which are being sold for around $300 per square foot. Greaves led the recent purchases at the 41-story Central Loop building, grabbing the entire 25th floor, which represents close to 5,000 square feet, sources say.

“They come from being owners, so they understand the benefits of owning, not having to deal with landlords and controlling their own destiny,” Juan DeAngulo, Cape Horn regional manager, tells GlobeSt.com. “They were out in the market looking at opportunities when they realized they could own in a prime downtown location on the river, they were very excited about it. It’s in a prestigious location at a historic corner in Chicago and the 25th floor views are amazing.”

Greaves previously owned 304 W. Randolph, one of three buildings to be demolished to make way for a city park being developed in conjunction with the John Buck Co.’s new office tower 222 W. Randolph. Also buying space at the LaSalle Wacker was Scheff and Associates, which took around 1,000 square feet on the 19th floor, and investor Ernest Chiodo. Chiodo purchased 621 square feet on the building’s eighth floor, which will be leased out to the current tenant of the space who has been located in the building since prior to the conversion to office condos.

“Anything that’s on the river seems to be in high demand, and it’s an attractive space that people are moving toward, close to the courts, the El and the train stations,” DeAngulo says. “Banks are still lending to people looking to purchase owner-occupied space. With the low interest rates, for companies that are solid and know they’re going to be in the same space for a while, there’s never been a better time.”

Occupancy rates in the Central Loop submarket are around 87%, according to Cushman & Wakefield’s year-end office market report.

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