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Could this Loop office building become apartments?

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The asking price for an 80,877-square-foot building on the south side of Madison, between LaSalle and Clark Roads, is not listed. GK Ventures paid over $ 10 million to real estate in 2015, according to Cook County real estate records.

This offering will be added to the list of old loop office properties advertised as redevelopment candidates as the COVID-19 pandemic rocked demand for commercial real estate. The rise of telecommuting has weakened the downtown office market, especially in the heart of the loop. The highest vacancy ever, Meanwhile, downtown Demand for apartments is booming Rent is the highest ever.

Vintage Loop Office Properties 105 W. Adams St., 318 W. Adams St. And upper floors 79 W. Monroe Street Everything is marketed by the owner so that possible home renovations are made. However, investor demand for such transactions has not yet been proven, and redevelopment is often more complex and unexpectedly costly than a project from scratch.

One such relocation 29 S. LaSalle St., The place where developers converted outdated offices into millenniums in LaSalle apartments is highlighted as an example of what can be done with an old loop office building.

CBRE also shows the potential for buyers to keep their offices in Madison Street Building and add value through capital improvements.I also quote marketing leaflets Google’s recent research As a potential catalyst for loop rebounds, we have opened a large new office on LaSalle Street.

According to sources familiar with the property, the building has a small floorboard of about 3,700 square feet, and about two-thirds are rented to a mix of small tenants.

According to the brokerage firm, most office leases have short-term cancellation clauses, which could create room for conversion, including more than 100 residential units. The flyer also recreates the list of nearly 100-year-old buildings on the National Register of Historic Places as buildings contributing to the LaSalle Historic District. This means that buyers can try to give the city the status of a landmark and take advantage of various financial incentives to restore historic assets.

According to real estate records, the owner refinanced the property in 2017 with a $ 8.7 million loan from Northern Trust. According to records, the loan was revised last year to reduce the amount of the mortgage to $ 7.9 million.

A GK Development spokeswoman did not respond to a request for comment on the list on Madison Street.

According to the developer’s website, GK Development’s local portfolio includes shopping centers in the suburbs of Lemont and Oak Brook, as well as the Fresh Thyme Market in River Forest.

Marcello Companyni, Senior Vice President of CBRE, sells properties for GK Development.

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