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Chicago Loop Alliance

European Investor Plans Apartments on Loop Office Building’s Upper Floors

A high-net worth European family advised by Swiss investment firm 4c AG paid $8.2 million last month for the upper half of the 14-story Bell Federal Savings & Loan building at 79 W. Monroe St., Crain’s Chicago Business reported. The purchase from Chicago developer R2 came roughly four months after the same buyer paid $40.5 million for the lower half. 

R2 had marketed the 80,000-square-foot block of space on floors 8 through 14 in the building as an apartment conversion opportunity amid weak demand for office in downtown Chicago. Now the buyer plans to execute that vision, turning the property’s upper floors into roughly 100 apartments. 

“The asset will be a perfect fit for people working in hybrid models and will contribute to the revamp of the Loop according to the path envisaged by the city of Chicago,” a 4c spokesman said in a statement. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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