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NY Investor Pays $97M for BoA Bldg. in Chicago

JV Trades 1 Million-SF Office Tower in Financial District
December 10, 2012
The Bank of America Building, a nearly 1 million-square-foot office building at 231 S. LaSalle in Chicago’s financial district, sold for $97 million.

Berkeley Properties, a New York-based commercial real estate investor, purchased the Class A asset from a joint venture between Gramercy Capital Corp. and Garrison Investment Group.

Built in 1924 as the Illinois Merchants Bank, the 23-story tower is 96.6 percent leased by a tenant roster that includes Bank of America and Northern Trust Co. The structure has 24,839 square feet of ground floor retail space occupied by retailers like Jos. A. Bank and Ann Taylor.

Jeff Bramson, Jaime Fink and Mark Katz of HFF listed the property.

Gramercy Capital is a commercial property investment and asset management company. Garrison is a middle market credit, distressed and asset-based investor. Both are headquartered in New York City.

See CoStar COMPS #2614574 for more information.

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