Berkeley Properties, a Brooklyn, New York-based commercial real estate investor, purchased the 23-story office tower at 231 South LaSalle in Chicago for $97 million this week. The Class A building was sold by a joint venture between Gramercy Capital and Garrison Investment Group with representation from Jeff Bramson, Jaime Fink and Mark Katz, of HFF.
The 1.03 million square foot office and retail building was 96.6% leased at the time of sale, with major tenants including Bank of America and Northern Trust Co., according to a CoStar Group report.
231 South LaSalle, also known as the Bank of America Building, was originally built in 1924 (after the Goodyear dirigible crashed into the Illinois Trust and Savings Building at the same location) as the Illinois Merchants Bank Building and was designed by Graham, Anderson, Probst & White. The property underwent major renovations and restorations in 1996 with architectural direction from Chicago-based Goettsch Partners. Encircling the banking hall above the pillars is a frieze by Jules Guerin titled "A Testimonial to World Trade". It depicts symbolic figures representing different nations, with the World Columbian Exposition as a background. On 11 October 1883, at the Grand Pacific Hotel on the site of this building, the four time zones of the continental United States were formally adopted at a meeting of railroad industry leaders.
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