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Chicago & Midwest  + Office  |  April 24, 2019
Paul Bubny
By: Paul Bubny

CBOT Building Reportedly Goes on the Market

A joint venture of GlenStar Properties and Oaktree Capital Management is capitalizing on demand for downtown office properties by putting the Chicago Board of Trade building up for sale, Crain’s Chicago Business reported. The JV is reportedly seeking more than $330 million for the landmark 1.4-million-square-foot property, and has hired HFF to market it.

Crain’s reported that a sale at nearly $240 per square foot would eclipse what the CBOT building has traded for in recent years. A JV of GlenStar and USAA Real Estate paid $152 million for the property in 2012, then undertook $35 million in capital improvements. Locally-based GlenStar recapitalized the property in 2014, replacing USAA with Oaktree and taking out a $160.8-million mortgage.

The owners then refinanced the building with a new $177.7-million loan in May 2017, when it was appraised at $275 million, Crain’s reported, citing a Bloomberg report tied to the loan.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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