CHICAGO, June 13, 2011 /PRNewswire/ -- CME Group, the world's leading and most diverse derivatives marketplace, today announced that it has hired Jones Lang LaSalle and Holly Duran Real Estate Partners LLC (HDREP) to market the historic Chicago Board of Trade Building, located in the city's Financial District, for sale. The landmark property, called "one of Chicago's great skyscrapers" by the Chicago Tribune, is composed of three buildings, including the main tower (north building), the "Annex" (south building) and the east building. The 1.4 million-square-foot north and south buildings are being offered as a partial sale-leaseback. CME Group will retain ownership of the east building, including the financial product trading facilities and office space, and will enter into a long-term lease of the agricultural commodities trading facilities and certain office space in the north building.
"CME Group remains committed to our floor based membership and open outcry trading services, which continue to be a profitable part of our business and serve our customers well," said Jamie Parisi, CME Group Chief Financial Officer. "The sale of the Chicago Board of Trade north and south buildings will enable CME Group to continue to reinvest in our core derivatives business while still leasing about 150,000 square feet in the north and south buildings, including the agricultural trading floor. CME Group will continue to own and occupy the 288,000 square foot east building."
Leading the Jones Lang LaSalle team on the transaction are Managing Directors Bruce Miller and Jim Postweiler, Vice President Jascint Vukelich and Associate Nooshin Felsenthal. Holly Duran, Principal of HDREP, has served as CME Group's strategic global real estate advisor for more than 30 years and will be co-brokering the sale, along with Associate Jeff Mulder.
Duran said: "With the global nature of CME Group, a vibrant trading floor complex and as many as 30,000 people a day walking through the building's magnificent lobby, this landmark property holds broad international appeal. The unique building hosts many of the world's leading market participants. We expect significant interest from investors across the country and around the world who want a core property with value-add potential."
Said Miller: "This is truly one of the most iconic buildings in the Chicago skyline, amidst a city known for its architecture. But in addition to its outer beauty, this landmark also offers enormous infrastructure redundancies with regards to its power, cooling and telecommunications, making it quite appealing to tenants. That, and its significant upside, will be a major draw for investors."
The property is located at 141 West Jackson Boulevard in Chicago's Central Loop. It was built in 1930 and designated a historic landmark in 1978. The building is widely known for its art deco architecture and iconic three-story sculpture of Ceres, the Roman goddess of agriculture and grain, as well as its robust, state-of-the-art infrastructure and electronic trading space with high ceilings. In 2006, the building's owners completed a $20 million renovation program.