Iconic LaSalle Building Conversion Closer to Fruition
- Sep 08, 2015
A historic downtown Chicago building designed by ‘father of the skyscraper’ William Le Baron Jenney is nearing its renaissance as a four-star boutique hotel.
U.S. Bank has closed on a $66.5 million loan for the acquisition and rehabilitation of 39 S. LaSalle St. into a 293-key hotel managed by Kimpton Hotels & Restaurants. Kimpton announced plans to reinvent the former New York Life and later LaSalle-Monroe Building in August 2014, as previously reported by Commercial Property Executive.
Following $160 million worth of renovation work, the 14-story building will incorporate 9,500 square feet of ground-floor retail; 12,500 square feet of meeting and event space on the 14th and 15th floors; a destination restaurant and bar; a top-floor ballroom; and a rooftop bar with views of the Windy City skyline. The conversion project is scheduled for completion in mid-2016.
“This project not only preserves a historic and once-threatened downtown building, but will further increase the vibrancy of the financial district,” Marsha Cruzan, market president for U.S. Bank in Chicago, said in a prepared statement.
The 121-year-old building at 39 S. LaSalle is one of only two buildings in the city to be designed by Le Baron Jenney. The team working on the rehabilitation project will preserve the building’s historic terra cotta façade and its iconic lobby.
Kimpton Hotels & Restaurants owns four other assets in Chicago—Hotel Burnham, Hotel Allegro, Hotel Monaco, and Hotel Palomar.