A Chicago developer sold a River North loft office building for $35 million, more than four times what it paid for the half-empty structure in 2013.
A venture of Brijus Capital sold the seven story building at 363 W. Erie St. on Nov. 9 to Spaulding & Slye Investments for $35.3 million, said the seller and its broker, Jones Lang LaSalle.
Chicago’s loft office buildings, once the realm of mom-and-pop real estate investors, are attracting some unexpected newcomers.
Goldman Sachs, Credit Suisse and billionaire Neil Bluhm’s Walton Street Capital, all accustomed to spending hundreds of millions of dollars at a time in real estate deals, are among the big players investing in relatively small brick-and-timber buildings in neighborhoods like River North and the West Loop.
The law firm of Skadden, Arps, Slate, Meagher & Flom LLP & Affiliates pre-leased about 165,000 square feet in the proposed office tower at 155 N. Wacker Drive in downtown Chicago.
The law firm will occupy six floors in the 46-story, 1.1 million-square-foot building, which will sit at the southeast corner of Wacker Drive and Randolph St.
Steven Levin is poised to develop one of Chicago’s hottest technology addresses at 247 S. State St. — or become a landlord with a lot of expensively wired empty space.
His speculative, $36-million transformation of the former Lytton Building into a hip haven for growing technology companies is scheduled to begin this month. The city-backed project is the first of an anticipated handful of…
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