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Historic skyscraper sells for $73 million

Oct. 27, 2007 at 8:34 AM   |   Comments

CHICAGO, Oct. 27 (UPI) -- The historic 1888 Rookery office building in Chicago has been sold for $17 million more than it was purchased for last year.

The 12-story building, once the world's tallest, has been sold for $73 million to Rookery GP LLC, a family-owned investment group in Europe, the Chicago Tribune reported Saturday.

The 281,000-square-foot-building was purchased for $56 million in April 2006 by Broadway Real Estate Partners, a New York investment group.

The building at 209 S. LaSalle St., was designed by Daniel Burnham and John Root and later renovated under a plan guided by Frank Lloyd Wright. When the building opened in 1888 it was one of the first skyscrapers featuring the then cutting-edge technology of an elevator.

The building's healthy appreciation was attributed to an increase in occupancy in the last year and the abundance of financing for commercial property when the deal was negotiated four to six months ago, the Tribune reported.

© 2007 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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