Bradford Allen to continue leasing historic 493,738-square-foot office tower, building on recent momentum

Namdar Realty Group and Mason Asset Management today announced the firms have completed their acquisition of One North LaSalle, a 493,738-square-foot office tower along Chicago’s LaSalle Street corridor, through a deed-in-lieu of foreclosure. Andy DeMoss, senior managing director of downtown agency leasing at Bradford Allen, will continue to lead leasing efforts for the property.

The acquisition marks a significant strategic investment into the historic 1920s building, which was renovated in 2017 and is considered one of the city’s finest surviving examples of art deco architecture. The transaction also continues a trend of investors ramping up activity in Chicago, where nine office properties sold for $120 million in the third quarter, according to Bradford Allen research.

“Taking ownership of One North LaSalle highlights our commitment to contributing positively to the Chicago real estate market,” said Elliot Nassim, president of Mason Asset Management. “We are excited about the future of this architectural gem and the opportunities it presents for prospective tenants.”

The ownership transition is part of a broader strategy to enhance the building’s appeal, with the goal of attracting a diverse array of tenants through competitively priced, fully gross leases. This approach simplifies the leasing process and offers financial predictability for businesses looking to establish or maintain their presence in downtown Chicago, according to DeMoss.

“In this environment, successful owners tend to be those with the ability and willingness to reinvest in properties,” said DeMoss. “Investors who can acquire assets at a low enough basis – either directly or by purchasing the debt – will likely have the capital flexibility to turn around underperforming assets and differentiate them from the competition.”

Even before the sale, Bradford Allen secured a number of new leases at the property. Recent activity has included:

• Flanagan Bilton: 15,953 square feet, represented by Victor Sanmiguel of Bespoke
• Youth Guidance: 12,370 square feet, represented by Eric Sorensen and Max Nachemson of Cushman & Wakefield
• Second Sense: 6,749 square feet, represented by Emily Smith of Bespoke
• Collins Bargione & Vuckovich: 6,376 square feet, represented by Shawn Sullivan of Mackin Advisors
• Symmetry Counseling: 4,825 square feet, represented by Julie Lane of Cresa
• Reifers Holmes & Peters: 4,193 square feet, represented by Sean Moran and John Norris of Newmark
• Wolf Point Engineers: 4,183 square feet, represented by Ethan Braham and Noah Fornear of Advocate
• SRF Consulting Group: 2,538 square feet, represented by Andrew Yung, Ashley Moen, Liz Spence and Lee Stephens of Cresa

“We maintained a steady flow of prospects even during a period of loan default, which truly highlights the intrinsic value of One North LaSalle and the effectiveness of our outreach efforts,” added DeMoss. “Now, with the transition in ownership, we are enthusiastic about bringing new energy to the building.”

Completed in 1929 and once recognized as the city’s tallest structure, One North LaSalle was designated a Chicago landmark in 1996 and added to the National Register of Historic Places in 1999. Today, it boasts state-of-the-art amenities including “The Landmark” on the 25th floor, which houses a fitness center, conference rooms and tenant lounge with outdoor terrace. It is also one of the few dog-friendly buildings in the area.

About Bradford Allen:

Bradford Allen (BA) is a commercial real estate firm based in the heart of downtown Chicago. Founded in 2003 by principals Jeffrey Bernstein and Laurence Elbaum as an office brokerage, the firm has grown into a vertically integrated commercial real estate company, offering a full array of services and expertise across multiple U.S. markets to entrepreneurial, corporate and not-for-profit clients, including strategy, marketing and transaction execution for occupiers, investors and owners. For more information, visit bradfordallen.com.