Jones Lang LaSalle has closed the sale and financing of Burnham Center in the heart of Chicago’s Central Business District on behalf of Harbor Group International. An affiliate of the Shidler Group, Alliance Partners HSP LLC, purchased the landmark 22-story, 579,848-square-foot building for $ 94.6 million – just five months after the historic building was brought to market. In addition, Jones Lang LaSalle secured acquisition financing for the new owners, who have also hired the firm as the exclusive leasing agent for the classic Chicago-style skyscraper.
Managing Directors Bruce Miller and James Postweiler and Vice President Nooshin Felsenthal led the Jones Lang LaSalle team on the sale, while Managing Director Dave Hendrickson and Senior Vice President Keith Largay handled the financing. Senior Vice President Monica Moore and Associate Craig Coupe will direct leasing efforts on behalf of Alliance, which has teamed up with Annenberg Investments and Sterling Bay Cos. as its local operating partner.
“Burnham Center offered investors the rare combination of landmark significance, strategic location and a preeminent tenant roster,” Miller said. “As expected, interest was robust for this prime asset.”
Burnham Center features a façade of alabaster terra cotta and a dramatic two-story lobby with Abucana marble walls and floors. The building offers city views; on-site retail; landscaped atrium with courtyard; 24-hour security; and access to an underground pedway system, linking nearly five million square feet of office space, 400,000 square feet of retail, three hotels and both the Metra commuter and CTA train stations.
Tenants include Tribeca Flashpoint Media Arts Academy, Cook County’s administrative offices for the Clerk of the Circuit Court and State’s Attorney, GrubHub and Burnham Nationwide.
“Burnham Center is one of the last buildings designed by famed architect Daniel Burnham and considered one of the city’s most architecturally significant office buildings and we look forward to leasing this premier property,” Moore said. “Alliance Partners has long-term vision for this historic asset and is currently planning upgrades, including lobby enhancements and adding a fitness and conference center.”
Burnham Center was built in 1914 and renovated in 1985. Most recently, the property underwent a $4.2 million capital improvement program, including repairs to the façade, new chillers and fan systems, fire and life safety upgrades and renovations to the lobby, common corridor, restrooms and spec suites.
It is located at 111 W. Washington, at the southwest corner of West Washington and North Clark streets. It is listed in the National Register of Historic Places and was awarded the Energy Star label from 2008-2012.