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A New York investment firm has a deal to flip the Rookery to a German investor for almost $73 million, making a $17-million profit after owning the landmark structure for a year.
Built in 1888 and designed by architects Burnham & Root, the 12-story building is a model of early "skyscraper" design. Today, it is also an example of how flipping, itself a time-honored real estate tradition, is occurring more frequently with the mega-deals of the Loop.
The Rookery, 209 S. LaSalle St., is one of several recent downtown office deals in which assets have been resold after a year--the minimum holding period to obtain the...