Greenstone Partners completed the sale of 401 West Ontario Street, a 48,000-square-foot office-to-multifamily conversion opportunity located in Chicago’s River North neighborhood.

Senior Director Jordan Multack of Greenstone Partners represented the buyer, a private, Chicago-based development group, in the transaction. The sale closed for $5.43 million.

401 West Ontario Street presented a rare opportunity to acquire a loft-style office building, with zoning that supports multifamily redevelopment. The property is well-positioned near the Kennedy Expressway, Merchandise Mart, CTA Brown & Purple Line stations, and East Bank Club.

“This was a unique opportunity to acquire a conversion-ready asset in a location where multifamily fundamentals remain extremely strong,” said Multack. “Opportunities like this are increasingly scarce in River North, particularly those with zoning already in place and strong proximity to transit, offices, and entertainment.” The buyer was drawn to the building’s efficient and flexible floor plates, value-add conversion potential, and on-site indoor parking.