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West Loop Loft Offices Sell to MB Real Estate
A venture of MB Real Estate Services is finalizing an agreement to buy 549 W. Randolph St., a vintage West Loop office building, for $36 million, Crain’s Chicago Business reported. The property’s sellers are capitalizing on the current vogue for revamped brick-and-timber properties.
549 W. Randolph’s current owners, locally-based Ameritus Real Estate Investment Management and Boston-based Alcion Ventures, paid $19.4 million in 2015 for the building across the street from Ogilvie Transportation Center.
The owners borrowed $18.9 million against the property when they purchased it, according to Cook County property records. They spent $4.6 million on renovations to the lobby and added a tenant lounge and conference room, according to a flyer from HFF, which marketed the property.
Those renovations, Crain’s reported, helped ownership boost the property’s operating income and its market value. Ameritus and Alcion flipped another loft property in River North just two-and-a-half years after buying it.
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