Foreclosed Loop Tower Turned Lofts Back On The Block At 29 S. LaSalle

An office-to-apartments conversion at 29 S. LaSalle in the Loop that previously slipped into foreclosure is back in play, now being marketed for sale as downtown Chicago keeps reinventing itself. The property, branded Millennium on LaSalle, is fully operating as a rental building and is being pitched to institutional buyers along with deep-pocketed local investors.

Lender Step-In Sets Up Quick Sale, Crain's Says

According to Crain's Chicago Business, the 29 S. LaSalle building entered foreclosure and was formally put on the market this week. Crain's reports that brokers circulated offering materials after a lender assumed control of the property, with CoStar credited for listing photography used in the sale process. It marks a fast turn for an asset that was only recently repositioned from traditional offices into apartments.

One More Player In LaSalle's Makeover Wave

The move lands right in the middle of the city's LaSalle Street Reimagined push, which has backed several adaptive-reuse projects and offered TIF support to help conversions along, according to coverage by Chicago Construction News. City incentives and early conversion projects have started to prove out demand for housing in what has long been one of Chicago's most office-heavy corridors.

Size, Tenure And What Is On The Table

Commercial listing materials peg the property at roughly 168,000 square feet, positioned as a multifamily asset under the Millennium on LaSalle name, and LoopNet has historically carried marketing details for the address. LoopNet and rental platforms such as Apartments.com show current units and pricing ranges, a reminder of why a stabilized downtown property can still turn heads among investors.

What Buyers Will Be Crunching

Prospective purchasers are likely to zero in on mechanical upgrades, re-tenanting risk, and the tradeoff between buying a finished conversion versus hunting for a deeper value-add play. Reporting on LaSalle Street conversions has underscored both the role of public incentives and the technical headaches that come with carving livable apartments out of deep office floorplates. The listing will test investor appetite for stabilized multifamily in the Loop at a moment when public programs and private capital are actively reshaping LaSalle Street ownership, according to industry coverage by ENR.