Chicago investor buys historic Loop office building

Ruben Espinoza bought the 16-story building at 19 South LaSalle Street from New York-based Columbus Properties

19 S. La Salle Street
19 South La Salle Street

Chicago investor Ruben Espinoza picked up a historic Loop office building for $22 million.

Espinoza acquired the 16-story office building at 19 South LaSalle Street on June 18, Cook County property records show. Ready Capital provided a $24.6 million loan for the acquisition, records show.

Selling the property was a subsidiary of New York-based Columbus Properties. The firm bought the building in 2006 for $29 million, property records show. Columbus then injected $3 million into a life safety system overhaul for the building, according to its website. Major tenants in the building include the State Bank of Indiana and National Life Insurance Company.

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The acquisition is the latest deal for Espinoza, who in 2017 bought a six-story River North loft office building for $9 million, completing an assemblage that includes neighboring office buildings at 221 and 223 West Ohio Street, Crain’s wrote at the time. He could not be reached for comment.

The sale of 19 South LaSalle comes amidst a frenzied sell-off of Loop office properties, with at least 22 office buildings hitting the market this year. The sell-off comes as some Loop buildings, particularly those in the Financial District, will be hit with a wave of vacancies as major tenants move to newer buildings in River North and West Loop.

The building at 19 South LaSalle was built in 1893 as the Central YMCA Association Building.