Chicago Board of Trade Building

Chicago Board of Trade Building
Industry	Financial services, commodities trading
Predecessor	1885 Chicago Board of Trade Building
Founded	June 9, 1930; 96 years ago in Chicago, Illinois, United States
Founder	Chicago Board of Trade
Fate	Ownership transferred in 2012 to GlenStar Properties LLC and USAA Real Estate Company
Headquarters	Chicago, United States
Area served	Global commodities and financial markets
Products	Trading floors for agricultural and financial commodities
Owner	GlenStar Properties LLC and USAA Real Estate Company (since 2012)
Parent	CME Group (formerly)

The Chicago Board of Trade Building is a 44-story Art Deco high-rise situated in the Chicago Loop, positioned at the base of the LaSalle Street canyon. Completed in 1930 for the Chicago Board of Trade (CBOT), it has functioned as the main trading hub for the CBOT and subsequently the CME Group, which was established in 2007 following the merger of the CBOT and Chicago Mercantile Exchange. In 2012, ownership transferred when CME Group sold the property to a group including GlenStar Properties LLC and USAA Real Estate Company.

Since 1885, the CBOT has been based on this site. The initial structure, created by William W. Boyington, held the distinction of Chicago's tallest building until its clock tower was dismantled in 1895. Due to structural deterioration, it was razed in 1929 and replaced by the current tower designed by Holabird & Root. This building remained the tallest in Chicago until 1965, when it was overtaken by the Richard J. Daley Center.

Celebrated for its Art Deco architecture, intricate sculptures, and detailed stonework, the building contains expansive trading floors and is crowned with a three-story aluminum statue of Ceres, the goddess of agriculture. It serves as both a prominent tourist destination and a favored filming site. The proprietors have earned recognition for historic preservation and effective office management. The structure was declared a Chicago Landmark in 1977 and was listed as both a National Historic Landmark and on the National Register of Historic Places in 1978.

Early locations

The Board of Trade commenced operations on April 3, 1848, at 101 South Water Street, above Gage and Haines Flour Store. As membership expanded to 122 by 1856, it relocated to the corner of South Water and LaSalle Streets. After a short move in 1860, it established its first permanent quarters in the Chamber of Commerce Building at LaSalle and Washington Streets in 1865. This building was destroyed during the Great Chicago Fire of 1871; however, the exchange resumed activity just two weeks later in a wooden structure known as "the Wigwam" at Washington and Market Streets before returning to a new Chamber of Commerce building on the original site one year afterward.

1885 building

Construction for the CBOT's new headquarters began in 1882, culminating with its opening on May 1, 1885, at its present location. Designed by William W. Boyington, famed for his work on the Chicago Water Tower, it featured frontage along Jackson Street. Constructed using structural steel and Maine granite with enameled brick on the rear walls, it rose ten stories tall and included a tower housing a large clock and bell topped by a copper weather vane shaped like a ship. The interior boasted mahogany finishes and frescoes. The project cost $1.8 million to complete. Equipped with four elevators, it contained a grand hall measuring , adorned with stained-glass skylights and ornate stone balustrades. It was Chicago’s first commercial edifice illuminated by electric lighting and exceeded in height, making it then the city's tallest building. The dedication ceremony on April 29, 1885, drew over four thousand attendees including dignitaries from around the world.

The building attracted both visitors and protesters; during an economic downturn, labor activists led by Albert Parsons demonstrated against its opulent construction as a symbol opposing private property systems. Their march was halted by police barricades near the brightly illuminated structure.

Public observation galleries were opened during the 1893 World's Columbian Exposition. The clock tower was removed in 1895, relinquishing Chicago's tallest building status to the Masonic Temple. Built on caissons surrounded by unstable soil, the structure became compromised during Federal Reserve Bank construction nearby in the 1920s. Consequently, the 1885 building was demolished in 1929, with operations temporarily relocated to Van Buren and Clark until completion of a new facility at LaSalle and Jackson.

Two allegorical statues from this original building—depicting Industry and Agriculture—were saved and now stand within an adjacent pedestrian plaza.

Architecture

In 1925, the Chicago Board of Trade engaged Holabird & Root to create the design for its present headquarters. The general contracting firm Hegeman & Harris completed the construction at a cost of $11.3 million, backed by a mortgage reportedly valued at $12 million over twenty years. Finished with gray Indiana limestone and crowned by a copper pyramid roof, this Art Deco structure officially opened its doors on June 9, 1930. It serves as the southern anchor of LaSalle Street’s financial district, rising above neighboring buildings for several blocks. Since its inauguration, the Chicago Board of Trade has consistently maintained its trading floor on the fourth level.

Recognized as a Chicago Landmark in 1977 and designated a National Historic Landmark in 1978, the building was soon thereafter listed on the National Register of Historic Places.

This steel-framed edifice incorporates multiple setbacks, a design technique common in Chicago skyscrapers of that time to maximize natural light within dense urban streetscapes. Its vertical lines are highlighted by nighttime floodlighting, echoing stylistic elements found in other renowned Chicago landmarks such as the Wrigley Building and Tribune Tower.

Inside, polished black and white marble surfaces complement strong vertical detailing. The expansive three-story lobby originally showcased what was then the largest light fixture worldwide. Standing taller than any other building in Chicago until 1965, it was a defining feature of the city’s skyline.

The 23 Otis elevators installed were equipped with cables produced by John A. Roebling’s factory, famed for its involvement in constructing the Brooklyn Bridge. Beneath the trading floor lies an extensive network of wiring infrastructure; at one point, more than 100 miles of telephone and telegraph cables were routed through this area.

Although constructed for the Chicago Board of Trade, the building’s initial occupant was actually the Quaker Oats Company, which took possession on May 1, 1930.

Artwork

The building’s facade prominently features sculptural creations by Alvin Meyer, former head of Holabird & Root’s sculpture division, embodying themes related to trading activities. On either side of the large clock facing LaSalle Street stand hooded figures: one representing a Babylonian holding grain, and the other a Native American clutching corn. Comparable figures are situated near the upper corners of the main tower beneath its sloped roof. Approximately 100 feet above street level, limestone bulls project from the north face of the structure, symbolizing a bull market.

Atop the central tower rests a 6,500-pound aluminum statue crafted by sculptor John H. Storrs, depicting Ceres—the Roman goddess of grain—holding wheat and corn as an homage to the exchange’s agricultural commodities roots. This statue was assembled from forty separate components.

Commissioned in 1930 but removed from the agricultural trading room in 1973, John W. Norton’s three-story mural portraying Ceres underwent significant restoration before being relocated to the atrium of the building’s 1980s extension.

Trading floor

The June 16, 1930 edition of Time magazine depicted the six-level trading hall located above the lobby, highlighting octagonal "pits" arranged by commodity categories such as corn, soybeans, and wheat. These elevated pits enabled open outcry trading, with tiered steps creating an amphitheater-like setting that allowed traders to observe and interact during sessions. This pit configuration, patented in 1878, evolved from earlier designs dating back to 1870.

Desks encircling the pits facilitated transactions, originally acting as intermediaries between the pits and buyers or sellers. As technology progressed, telegraph operators were replaced by telephone operators to manage trade communications more efficiently.

During the 1980s, both agricultural and financial trading floors relocated from the original space to newly constructed areas within building expansions. By 2004, the historic 1930 trading floor—unused for several years—was demolished and its pits covered with concrete. The area was subsequently modernized and leased to a private options trading company.

Expansion

In 1980, a 275-foot-tall (23-story) postmodern addition designed by Helmut Jahn was appended to the building’s southern side. This expansion featured an octagonal decorative element recalling the terraced trading pits and included a sunlit atrium on the twelfth floor. It housed a four-story agricultural trading floor lined with granite—then the largest globally at 32,000 square feet.

Although many markets phased out open outcry methods, Mayor Richard M. Daley initiated a groundbreaking ceremony in 1995 for a $175 million five-story east-side extension designed by Fujikawa Johnson and TT-CBM engineers. Completed in 1997, this expansion added 60,000 square feet of trading space and briefly regained the title of world’s largest trading floor. Known as the "Arboretum" in honor of CBOT Chairman Patrick H. Arbor, it contained 600 feet of price display boards and supported an extensive technological infrastructure comprising 12,000 computers, 6,000 voice terminals, and 2,000 video devices interconnected by 27,000 miles of cabling.

Together, the combined trading floors encompass roughly 115,150 square feet. The CBOT emblem represents a trading pit and is featured on stonework along Clark Street as well as on service entrance barriers on Van Buren Street. The twelve-story atrium in the addition merges historic and modern architectural styles with Art Deco influences such as setbacks, a central tower flanked by symmetrical wings, a pyramidal roof, and abstract motifs within the lobby. A wide pedestrian passage at street level connects LaSalle Street plaza to Van Buren Street between the original structure and the new addition. A green glass-enclosed steel bridge links the southwest corner of this extension to the Chicago Board Options Exchange; however, pedestrian access has been restricted since September 11 due to security concerns.

Renovation and 21st century

In 2005, a $20 million renovation led by Chicago architect Gunny Harboe—renowned for restoring Loop landmarks including the Rookery Building and Reliance Building—was undertaken. The refurbishment restored the main lobby’s Art Deco features, upgraded elevators, cleaned and repaired the exterior façade, and continued improvements throughout upper-floor corridors. Original mailboxes in the lobby were refurbished to complement the building’s vertical design theme. Electrical systems were enhanced with ten primary feeds supplied from seven Commonwealth Edison substations alongside redundant cooling solutions and advanced telecommunications infrastructure.

Following demolition of the former CBOT building in 1929, two large granite statues symbolizing agriculture and industry were relocated to Arthur W. Cutten’s estate—a wheat and cotton speculator who later faced bankruptcy during the Great Depression. The agriculture statue holds wheat while leaning on a cornucopia; the industry statue depicts a ship’s bow accompanied by an anvil. Discovered near Glen Ellyn, Illinois in 1978 by DuPage County’s Forest Preserve District, they were exhibited at Danada Forest Preserve before being returned to CBOT plaza and rededicated on June 9, 2005.

In September 2011, protesters affiliated with Occupy Chicago established their headquarters at the intersection of LaSalle Street and Jackson Boulevard in front of this building. On April 23, 2013, CME Group sold its north and south towers at 141 W. Jackson Blvd. for $151.5 million to a partnership between GlenStar Properties LLC and USAA Real Estate Co., while retaining ownership of the smaller east building at 333 S. LaSalle St., where it signed a 15-year lease for its office space within both towers.

Surroundings

LaSalle Street canyon is home to multiple historic landmarks, such as the Rookery Building, recognized as a National Historic Landmark and among Chicago’s earliest skyscrapers. Its lobby underwent a 1907 transformation, redesigned by Frank Lloyd Wright in the distinctive Prairie School aesthetic. The term "rookery" originates from the building that previously occupied the site, which was known for hosting large numbers of birds, particularly pigeons. Nearby stands the Reliance Building, notable for being the first high-rise to prominently feature expansive plate glass windows on its exterior, while One North LaSalle once ranked among the tallest structures in Chicago. Both buildings are included on the National Register of Historic Places. Since 1853, three shared buildings at the northern edge of the canyon have served both Chicago and Cook County governments. The present-day Chicago City Hall, designed in a Classical Revival style symbolizing governmental authority and dignity, boasts an acclaimed green roof completed in 2001. All these edifices hold the status of Chicago Landmarks.

Additional significant buildings nearby include the Continental Commercial National Bank (currently known as 208 South LaSalle Street), which set a local record in 1911 as the city’s most costly construction project at over $10 million, replacing the Rand-McNally Building, former headquarters of the World's Columbian Exposition. The Federal Reserve Bank of Chicago, located at 230 South LaSalle Street, features Greco-Roman design elements and houses some of the largest vaults globally, alongside an early wired communication network throughout its premises. Both this bank and 208 South LaSalle exemplify the neoclassical architectural trend prevalent in the late 19th and early 20th centuries, conveying an image of financial solidity.

Situated roughly one mile west of Lake Michigan within the Loop’s southwest quadrant, this district benefits from excellent public transportation access. The Quincy station is located one block to the west, while the LaSalle/VanBuren station lies between the CBOT and Chicago Stock Exchange buildings; both stations serve the Orange, Purple, Pink, and Brown Lines. The nearby Jackson and LaSalle stations provide service on the Blue Line. Approximately five blocks west along Jackson Boulevard is Union Station, functioning as a terminal for Amtrak and select Metra routes, with additional Metra services available at LaSalle Street Station, situated two blocks to the south.

Tenants

As of 2006, the CME Group occupied approximately one-third of the leasable area within this three-building complex, while financial and trading firms accounted for 54% of tenants. Alongside dining options such as Ceres Cafe in the lobby, occupants include companies from banking, insurance, travel, beauty, and healthcare sectors. Several businesses have maintained operations here for more than four decades. Among notable residents are commodities traders like "Prince of the Pit" Richard Dennis, who have held offices within these premises. In 2007, the U.S. Futures Exchange, previously known as Eurex US and a competitor to CBOT, moved from the Sears Tower to occupy space on the 14th floor here. Originally constructed for the Chicago Board of Trade (CBOT), this building became central to trading activities following the 2007 merger between CBOT and the Chicago Mercantile Exchange, which established CME Group as a leading derivatives exchange. In 2012, CME Group divested ownership of the CBOT Building to a real estate partnership that includes GlenStar Properties LLC and USAA Real Estate Company.

Visitors

The CBOT facility has welcomed a variety of notable figures over the years. In 1977, the Prince of Wales made a visit. President George H. W. Bush was the first sitting U.S. president to tour the site in 1991, where he spoke from the soybean trading pit about agriculture’s significance to the national economy. The former Soviet premier Mikhail Gorbachev came by in 1992. In 2006, former President Jimmy Carter and Rosalynn Carter visited while supporting their son Jack's campaign for the U.S. Senate. During the 1996 Democratic National Convention, Vice President Al Gore attended a reception for Democratic Senate candidates held at the building. President George W. Bush toured the agricultural trading floor in 2006 and was welcomed with a "Hook 'em Horns!" gesture, referencing his Texas background. Organizations such as the Chicago Architecture Center and Inside Chicago Walking Tours provide guided visits that emphasize both the building’s architectural significance and its trading activities.

Awards and honors

1985: The structural expansion consisting of 23 floors earned the Best Structure Award from the Structural Engineers Association of Illinois.
2006: Honored by Landmarks Illinois' Real Estate and Building Industries Council for outstanding preservation achievements.
2006: Recognized as The Office Building of the Year by Chicago’s Building Owners and Managers Association, acknowledging superior office environments and management quality.

In popular culture

Frank Norris’s novel The Pit, part of his Epic of the Wheat trilogy, prominently features the original 1885 structure and its trading pits. Cari Lynn’s nonfiction work Leg the Spread (2004) offers an in-depth look at life on the trading floor.

The building’s trading scenes have been captured in movies like Ferris Bueller's Day Off. LaSalle Street’s exterior has served as a backdrop in films including The Untouchables, Road to Perdition, and Transformers: Dark of the Moon. In Batman Begins, this building stands in for Wayne Enterprises’ headquarters; it also appears in The Dark Knight and the television series Batwoman. The 2022 film reboot The Batman digitally merges it with Liverpool’s Royal Liver Building to represent Gotham City Police Department headquarters.

WCIU-TV airs First Business, a program covering Chicago Board of Trade news. Don Cornelius launched his dance show Soul Train on the building’s 43rd floor in 1970 before relocating production to Los Angeles. Prior programming included shows such as Kiddie A Go-Go and Red Hot and Blues. More recently, the structure was used as the office setting for the fictional Daily Planet in the 2013 movie Man of Steel.

For decades, merchandise like postcards showcasing panoramic views, illuminated upper decks, and the iconic clock have been produced. Photographer Andreas Gursky created still life images featuring this landmark, while Thomas Struth's photograph of it is part of New York’s Metropolitan Museum of Art collection. Leslie Ragan’s painting commissioned by New York Central Railroad prominently depicts the Board of Trade.

Located at 1211 North LaSalle Street, a 16-story apartment hotel converted in 1981 includes trompe-l'œil murals by Richard Haas that pay tribute to Chicago School architecture, notably illustrating the Board of Trade Building as it appears three kilometers south of this location.

General references

Bruegmann, Robert (1991). Holabird & Roche, Holabird & Root, Garland Publishing, Inc., .
Saliga, Pauline A. (ed.) (1990). The Sky's The Limit: A Century of Chicago Skyscrapers, Rizzoli International Publications, Inc., .
Zaloom, Caitlin (November 2006). Out of the Pits: Traders and Technology from Chicago to London, 2nd ed., University of Chicago Press, . Available via Google Preview.

External links

University of Illinois at Chicago: CME Group Collections