This is a low-grade chondrosarcoma. It is called "low-grade" because the cellular anaplasia is not marked. In fact, this is a difficult lesion to distinguish from a benign process. In general, a helpful fact to know is that more centrally located cartilagenous tumors tend to be more aggressive than distal ones.
Chondrosarcomas have a male predominance and are seen over a broad age spectrum from teenage to the elderly, but with a peak in middle age. They are more common in "central" locations of the axial skeletal system, rather than at "peripheral" sites such as the bones of the hands, where benign chondromas occur.
This is Ollier's disease. In about a third to half of such cases, there is malignant transformation to chondrosarcoma.