A renowned architect will consult on refurbishing a historic steel building for its new Chicago owner.

Capital Properties LP will buy the 1957 modernist Inland Steel Building at 30 W. Monroe St. for about $58 million, Richard Cohen, a principal in the New York-based investment and development firm said.

The seller, an investment group, bought the 19-story metal building for $44.5 million in August 2005.

Frank Gehry, the architect who was key in arranging the purchase two years ago, ultimately was unhappy with that group's management of the commercial steel building.

"I was disappointed in that group. They were undercapitalized," Gehry said. "Now, this important building will have an owner who wants to bring it into the 21st Century with dignity."

Gehry, who will collaborate on refurbishing the steel building, added that he is now "really excited."

Gehry already made a mark on the Windy City with his design for the Jay Pritzker Pavilion in Millennium Park, and received raves for his Guggenheim Museum in Spain.

The Inland Steel Building, a city landmark that was the first skyscraper to be built in the city after the Great Depression, stands out for its glass facade and a steel building frame of columns that were placed around its perimeter.

Inside, that allowed for flexible, column-free space. It also was one of the first major steel buildings to rest on steel rather than concrete pilings and to offer significant underground parking.

In Gehry's youth, he was inspired by the Inland Steel Building's new and innovative design, particularly the facade. Gehry, who had an approximately three percent interest in the sellers group, will plow his profits back into the property.

Ownership of the metal building, originally built for the Inland Steel Corp., will be placed in a trust for the children of both men.

At about $245 per square foot, his ticket into the Chicago market is not cheap for a 50-year-old steel building in a location overshadowed in recent years.