Monday, April 28, 2008
LaSalle Building Up for Sale
One of downtown's most interesting historic office buildings, the LaSalle Building at Broadway and Olive, is up for sale as Pete Rothschild looks to liquidate a good portion of his real estate holdings. What makes this 13-story building so unique is its tiny floor plates, consisting of just 2,550 sf per floor. The floors are practically impossible to subdivide for office tenants, meaning that tenants basically have to lease entire floors. Rothschild's original plan was to sell off each floor individually for around $150 psf to businesses or for loft conversion.
The LaSalle is listed on the National Historic Register and has qualified for both federal and state historic tax credits as well as brownfield tax credits, which will help its marketability. Its first floor retail space has been vacant since the Post Office moved out a few years ago, but is well suited for a variety of uses and is situated in a high-traffic location.
The LaSalle is listed for $1.9 million by Milton Rothschild of Rothschild Realty - (314) 367-7787.