{"id":1004053636,"date":"2012-02-15T09:23:53","date_gmt":"2012-02-15T17:23:53","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=35665"},"modified":"2020-04-06T06:33:47","modified_gmt":"2020-04-06T14:33:47","slug":"cme-group-to-sell-two-towers-at-board-of-trade","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cme-group-to-sell-two-towers-at-board-of-trade\/","title":{"rendered":"CME Group to Sell Two Towers at Board of Trade"},"content":{"rendered":"<p>By Gabriel Circiog, Associate Editor<\/p>\n<p>A joint venture led by Chicago developer GlenStar Properties, which also includes San Antonio-based USAA Real Estate Co., is in the process of acquiring two Chicago Board of Trade towers from CME Group Inc., <em>ChicagoRealEstateDaily.com<\/em> reports. <a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/02\/Chicago_Board_of_Trade_Building6.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-35674\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/02\/Chicago_Board_of_Trade_Building6.jpg\" alt=\"\" width=\"200\" height=\"300\" \/><\/a><\/p>\n<p>The venture is planning to buy the north and south towers of the Board of Trade, totaling almost 1.4 million square feet. According to <em>The Wall Street Journal<\/em>, the 80-year-old Art Deco property is expected to fetch between $150 and $180 million. Although initial expectations were running near $210 million, investors&#8217; concerns that the European debt crisis will have a strong impact on commercial real-estate values led to an overall decrease in interest for trophy properties.<\/p>\n<p>In October, the confidence of investors was dented yet again as one of the building&#8217;s largest tenants, MF Global Holdings, filed for bankruptcy. About one-half of the vacated 100,000 square feet of office space has been relet to other tenants.<\/p>\n<p>The Board of Trade Building is made up of three towers with one common address at 141 W. Jackson Blvd. CME plans to retain the 288,000-square-foot east tower and plans to enter into a long-term lease of around 150,000 square feet in the north and south towers.<\/p>\n<p>Bruce Miller of Jones Lang LaSalle and Holly Duran of Holly Duran Real Estate Partners have represented CME in their attempt to sell the building.<\/p>\n<p>GlenStar currently holds claim to several other properties in the Chicago market, including 55 E. Monroe St., a 1.5 million-square-foot office and condo building.<\/p>\n<p>For more local news from Chicago, <a href=\"https:\/\/www.multihousingnews.com\/city-pages\/chicago\" target=\"_blank\" rel=\"nofollow\">click here<\/a>.<\/p>\n<p><em>Photo Credits: Antoine Taveneaux via Wikimedia Commons.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Gabriel Circiog, Associate Editor<br \/>\nA joint venture led by Chicago developer GlenStar Properties, which also includes San Antonio-based USAA Real Estate Co., is in the process of acquiring two Chicago Board of Trade towers from CME Group Inc., ChicagoRealEstateDaily.com reports. [&#8230;]<\/p>\n","protected":false},"author":1269,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21742],"tags":[],"class_list":["post-1004053636","post","type-post","status-publish","format-standard","hentry","category-chicago","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>CME Group to Sell Two Towers at Board of Trade - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cme-group-to-sell-two-towers-at-board-of-trade\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CME Group to Sell Two Towers at Board of Trade\" \/>\n<meta property=\"og:description\" content=\"By Gabriel Circiog, Associate Editor A joint venture led by Chicago developer GlenStar Properties, which also includes San Antonio-based USAA Real Estate Co., is in the process of acquiring two Chicago Board of Trade towers from CME Group Inc., ChicagoRealEstateDaily.com reports. 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