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River North Loft Office Owners Hope to Double Their Money
Hoping to cash in on demand for downtown loft office space, a venture of Chicago investor Michael Palumbo and Skokie-based Elmdale Partners is seeking about $17.5 million for 435 N. LaSalle Dr., Crain’s Chicago business reported. The asking price is more than double what the venture paid in 2015 for the 48,000-square-foot brick River North building.
After spending $1.5 million renovating the interior and re-leasing three floors with newly built-out offices, Crain’s reported, ownership put 435 N. LaSalle up for sale last year before eventually refinancing it for $12 million. They’re back in the market at a time when River North has the lowest vacancy rates of any downtown submarket.
The building is 93% leased to four tenants, according to a flyer from Cushman & Wakefield, which is marketing the property. More than 80% of the building has been newly-leased since 2015, according to Crain’s.
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