Harbor Group International LLC has completed the sale of The Burnham Center, a 22-story historic building in downtown Chicago, to the Shidler Group for $94.6 million.
HGI purchased the property at 111 W. Washington St. in March of 2007 for $79.5 million. The sale comes less than a year after HGI signed a nearly 60,000-square-foot lease for GrubHub to move its headquarters to the property.
The 579,778-square-foot office tower was built in 1914 and is one of Chicago’s most architecturally significant buildings. Originally designed by the renowned architect Daniel H. Burnham in 1914, the Burnham Center is listed on the National Register of Historic Places. Primary tenants include Flashpoint (102,387 square feet), Cook County (64,720 square feet) and GrubHub (59,469 square feet).
“We are pleased that we were able to exit this historic property as the Chicago office market gains momentum,” said Jordan Slone, chairman and CEO of Harbor Group International. “We remain committed to downtown Chicago and are pleased with our remaining portfolio of Class A assets, One South Wacker, 300 South Wacker and 2 North LaSalle. We believe our Chicago assets are well positioned to benefit from downtown’s leasing upturn.”
