The John Buck Company has quietly put its 38-story Loop tower at 33 N. LaSalle St. back up for sale, sending the art deco high-rise into a market that finally shows a little pulse. With investors sniffing around the Central Loop again, the listing is shaping up as an early test of how much buyers are willing to pay for a vintage building parked next to a major redevelopment. For Chicago office watchers, it is a reminder that older towers with a solid facelift are still very much in the conversation.
John Buck has hired JLL to lead the marketing effort and track down a buyer, leaning on a capital markets team for the assignment. The broker lineup on the deal includes Bruce Miller, Sam DiFrancesca, Jaime Fink and Misha Katashevich, according to CoStar News.
A Prewar Gem With Updated Bones
Built in 1928 and owned by The John Buck Company, the tower offers roughly 400,000 square feet across 38 floors and is pitched as an amenity-heavy option in the financial district. On the list are a 7,500-square-foot fitness center, a tenant lounge, a conference facility and a secure bike room, along with a recent renovation that refreshed lobbies, windows, and building systems. Those details appear in commercial listings for the property, according to LoopNet.
In Google’s Loop Backyard
33 N. LaSalle sits directly across from City Hall and a short walk from the James R. Thompson Center, the former state office hub that Google bought and is transforming into a major Loop campus. Construction on the Thompson Center overhaul is underway and expected to bring more workers and energy back into the central business district. That proximity to Google’s redevelopment is a big part of the sales pitch and a key reason brokers say the tower could draw fresh interest, according to ABC7 Chicago.
Reading the Market
Investors have been cautiously active in recent weeks, picking up downtown properties and nudging deal flow off the mat. That gives owners a narrow window to see what pricing the market will tolerate. One recent example is Menashe Properties’ acquisition of the 180 N. LaSalle tower, a sign that buyers are still willing to take a run at Loop offices, according to Bisnow. CoStar News has also flagged the fresh listing at 33 N. LaSalle as one more data point that Chicago’s office market may finally be starting to thaw.
What Buyers Will Watch
Any bidder that steps up is going to focus on the usual suspects: current occupancy, upcoming lease expirations and how easily the floorplates can be tailored to modern tenant demands. The mix of smaller and larger floors could appeal to users that want contiguous space, as well as investors who see room to reposition an older asset in a changing Loop. Financing costs and the broader trajectory of leasing in the central business district will likely have a big say in where the final sale price lands.
JLL is expected to launch a formal marketing campaign in the coming weeks. For now, core property details and leasing information are available through the building’s marketing materials and commercial listings, which will be doing plenty of heavy lifting while buyers run their numbers.
