State Street's Sullivan Center Sold to NY Investors for $267M

Another notable Chicago building has just exchanged hands. The landmark Sullivan Center on State Street has just sold to a group of New York investors for $267 million, Crain's reports. Designed by famed architect Louis Sullivan, the large nearly one million square foot structure was originally built in 1899 for the department store Carson Pirie Scott. The building's lower level facade features Sullivan's trademark ornamentation in cast iron. After 103 years in business, the Carson Pirie Scott store finally closed in 2007 just as the recession was tightening its icy gripe on the economy. Just a few years later, Target opened a store in the building's first two levels. The upper floors contain offices, including the Chicago office of architecture firm Gensler. According to Crain's, the Sullivan Center is 96 percent leased.

• Landmark Sullivan Center selling for $267 million [Crain's]