CHICAGO—Back in April 2012, when GlenStar Properties, LLC and the USAA Real Estate Co. purchased the Chicago Board of Trade building for $151 million, the new owners set a goal of transforming the 84-year-old landmark into a true player in the downtown office market. At the time, the 1.3-million-square-foot building at 141 W. Jackson was only 61% occupied, with most of the space occupied by trading firms, many of which had been there for decades.

The partners’ first step was to preserve this existing tenant base, and they successfully renewed 123 leases, which accounted for a total of about 250,000-square-feet. But in the last six months, they also finished $25 million in capital improvements and brought in a host of new tenants that include software, engineering, public relations, investment and data center firms.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.