CHICAGO-The Farbman Group has purchased the 200,000-square-foot Bell Federal building at Monroe and Clark in the Loop. The Detroit-based firm paid less than $10 million for the 14-story building, which is also less than 40% occupied.

Bank of America sold the building, and moved out of about 100,000 contiguous square feet on floors two through seven. Andy Farbman, president of the firm, tells GlobeSt.com that he thinks his firm can bring in a couple of tenants to fill the space. “We handle these types of properties in our other markets, including Detroit,” he says. The company owns a few buildings in downtown Detroit that have large vacancies.

The company has been operating in the Chicago area for some time, but this is only the second office tower for the company in the city. The Farbmans own about 700,000 square feet in the Chicago area. “We have had our eye on this building for a while, and when the opportunity presented itself we bought it very quickly,” Farbman says.

Built in 1906, the property was designed by Jarvis Hunt. Walgreens operates out of the ground floor, and the top floors are occupied by a number of tenants that include law and accounting firms. The building, known for its historic weather bell that changes color with changes in temperature, is open for a tenant that would want naming rights, Farbman says.

The sale reportedly does not include the ground under the building, which is owned by investor David Friedman. Farbman will reportedly pay a lease for the land.