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Chicago’s Arc at Old Colony Sold for $77M
DWS, a unit of Deutsche Bank, acquired the converted landmark Old Colony Building from a joint venture of CA Ventures, Keith Giles and Michael Moyer for $76.8 million. The 124-year-old building next to the Harold Washington Library in the Loop had been transformed into a 384-bed residence hall.
The group of Chicago developers acquired the Old Colony office property in 2014 for $14 million. The 1894 building at 407 S. Dearborn St. is a Chicago landmark, and listed on the National Register of Historic Places.
The conversion to student housing encompassed a $58-million renovation that resulted in the restoration of the 17-story building’s facade. The developers also added such amenities as a rooftop deck and terrace, fitness center and study lounge. The redevelopment was financed with a $44.7 million loan from BMO Harris.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
