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West Loop Loft Offices Trade at Near-Record Price
A four-story property at 1027-1031 W. Madison St. has traded at one of the highest prices paid on a per-square-foot basis for a multi-tenant loft office building in the West Loop. The fully leased 30,620-square-foot asset sold for $13.1 million, or $436 per square foot.
Marcus & Millichap’s Stephen Lieberman represented the seller, a private partnership including principals of creative and technology agency Schafer Condon Carter. SCC, which occupies the upper three floors, will remain a tenant under a sale-leaseback agreement.
Lieberman also procured the buyer of the circa-1872 landmarked property, a New York-based private family-owned operating company. The SCC partnership paid $1.6 million for the property in 2010, then undertook a gut renovation.
“This sale speaks to the tremendous outlook for the West Loop,” said Lieberman. “Passive cash-flowing assets that are well-located and poised to sustain stable, long-term growth should continue to perform very well with a national buyer audience.”
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- ◦Sale/Acquisition
