Praedium, Golub sell Chicago office tower

Law firms anchor property
Published on Oct 26, 2004

The Praedium Group LLC, a New York City-based national real estate investment firm, and Golub & Co., a Chicago-based real estate firm, jointly sold 33 North LaSalle, a 395,191-square-foot office building in Chicago. The value of the transaction was $60 million. Built in 1929, the 38-story office property is approximately two-thirds leased to law firms and other tenants in the service industries, and one-third occupied by the City of Chicago. After the building's purchase in July 1998, a major capital improvement program was undertaken, including the restoration, expansion and reconfiguration of the lobby and retail components and refurbishment of elevator cabs. Eastdil represented the sellers in this transaction. The buyer was NV of America Inc., represented by The Pyne Cos. Ltd., based in New York City. At the time of sale, occupancy was more than 95 percent. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com....

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