Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
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.
- ◦Sale/Acquisition
- ◦Development