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Historic Waterman Bldg. Comes to Market for Redevelopment
Essex Realty Group is marketing for sale the historic Waterman Building at 127 S. State St. along the State Street retail corridor in the Loop. The turn-of-the-century manufacturing/office building, being presented as a redevelopment opportunity, is adjacent to the Palmer House hotel.
The upper floors of the 31,519-square-foot, seven-story property have been vacant since 1967, according to an offering memorandum from Essex Realty, Sonder, a boutique hospitality company offering short-term rentals, has signed on to lease floors 2 through 7.
The property’s 2,560 square feet of ground-floor retail space formerly housed the Beef and Brandy restaurant, while a 1,360-square-foot basement space was occupied by a bar.
Current ownership is seeking $4.95 million for the property. It was built in 1919 to house office and manufacturing space for the L.E. Waterman Company, producers of the Waterman fountain pen.
Pictured: The Waterman Building (center, with red awning). Photo courtesy of Essex Realty.
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