April 19, 2014 – A company based in New York but owned by a large Japanese business group has purchased 203 North LaSalle.

Also known as Loop Transportation Center, the 27-story office tower on the north side of the Loop features a sloping 12-story atrium. It was designed by Skidmore Owings & Merrill and built in 1985.

Sumitomo Corporation of Americas announced on Friday it has purchased the 581,107 square foot building. The deal does not include ten levels of parking and retail space on the first and second floors.

The building connects by tunnel to the James R. Thompson Center, including its CTA station at Clark & Lake, and by pedestrian bridge to 200 North Dearborn, an apartment building. Tenants include University of Phoenix and two large law firms, DLA Piper and Masuda, Funai, Eifert & Mitchell.

Sumitoma plans to improve the lobby and elevators and build a fitness center for tenants.

Chicago is a market the company is “targeting for more investment in the future.”

“Sumitomo has been active on the coasts for years and has always viewed Chicago as a world-class city,” said Tomonri Wada, a senior vice president for Sumitomo. “We have been looking for the right opportunity to invest in Chicago and hope to increase our presence here.”

Based in New York, Sumitomo Corporation of Americas is the largest subsidiary of one of the world’s biggest trading companies. With headquarters in Tokyo, Sumitomo Corporation is a member company of the Sumitomo Group, a Japanese business group started in 1615 by a former Buddhist priest.