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Farbman Re-Enters Downtown Market with Deal on LaSalle Street
After cashing out of his downtown Chicago office portfolio before the COVID-19 pandemic, investor Andy Farbman has gotten back in the game, Crain’s Chicago Business reported. A venture of the Farbman Group reportedly paid close to $17 million for a 151,768-square-foot office building at 100 N. LaSalle St. in the Loop.
The seller was BentallGreenOak, whose parent company Sun Life Financial paid $32.3 million for the Art Deco office property in 2016 and put another $10.5 million into capital improvements. At the time of acquisition five years ago, the property was 80% occupied, but it lost a series of tenants in subsequent years.
“We think the asset has been improved such that it can compete with Class A buildings,” Farbman told Crain’s. “We own it at a basis where we can be competitive on pricing with other properties of similar vintage that might not be as well maintained.”
Photo courtesy of the Hearn Group.
