Berkeley Properties Buys Former Illinois Merchants Bank Building in Chicago for $97M

Berkeley Properties bought 231 South LaSalle, a 1.03-million-sq.-ft. office and retail building in Chicago, from Gramercy Capital Corp. and Garrison Investment Group for $97 million.

Built in 1924 as the Illinois Merchants Bank, the historic building is currently 96.6 percent leased. Bank of America and Northern Trust Co. are among the office tenants occupying the property.

Jeff Bramson, Jaime Fink and Mark Katz, of HFF, represented the seller in the transaction.