The meaning of the term “skyscraper” has changed dramatically over the centuries. Originally a nautical term referring to a tall mast or main sail on a sailing ship, the word was first used to describe buildings when the ten-story steel-framed Home Insurance Building was constructed in Chicago in 1885. Although later demolished, the structure forever marked Chicago as the birthplace of the skyscraper. Chicago today has an unrivaled collection of skyscrapers that makes the city a premiere destination in the world for the study of architecture.

Chicago Model City display in the lobby of the Architecture Foundation documents the history of architecture in the city

Chief among the city’s spectacular skyscrapers is the Chicago Board of Trade Building, which anchors the southern end of the downtown financial district on LaSalle Street and is the world’s oldest futures and options exchange. Built to provide a centralized location where buyers and sellers could meet, negotiate, and enter into contracts to buy and sell commodities produced in the Midwest, farmers flocked to the CBOT with samples of their wheat, corn, and soybean crops. Over time, the function of the exchange evolved into one of buying and selling forward contracts for commodities. Today, more than 50 different options and futures contracts are traded by over 3,600 CBOT members through open outcry and eTrading from the floor of the open exchange.

Art deco designed Chicago Board of Trade Building anchors the south end of the LaSalle Street financial district

Growing up in Chicago, I had always wanted to tour the Board of Trade building and watch the commodity traders in the “pit” but, like most locals who never visit the attractions in their own back yard, I just never got around to it. I moved away and forgot about CBOT until recently, when I returned to the city for a conference scheduled to be held in the Loop. In years past, anyone could visit the Chicago Board of Trade, but since 9/11, security concerns have necessitated limiting access to the facility. Fortunately, tours are still available through the Chicago Architecture Foundation, a nonprofit organization dedicated to advancing public interest and education in architecture and design. The CBOT is one of 16 “Lunchtime Tours” of historic buildings available through the Foundation. In this instance, the timing was perfect; not only would I learn the history of the skyscraper and see its unique architectural details up close, at the conclusion of the tour I would have an opportunity to witness live commodities trading in the pit from an overhead observation gallery.

I arrived early and strolled around the massive granite tower to kill time. Courtyards on two sides of the building provided seating for harried traders clad in the bright blue, red, or gold jackets of their particular brokerage houses. They rushed in and out of revolving doors for quick breaks, gulping coffee while talking on cell phones and puffing furiously on cigarettes, generating a billowing cloud of smoke. Wading through the billowing smoke, I was reminded that not so long ago I was living the same kind of harried and stressed-out life and I gave silent thanks that this part of my life is over. Continue reading →