CHICAGO-The Farbman Group recently bought the 200,000-square-foot Randolph-Wells building here in the West Loop for $13 million. This is the third office purchase in the past year for the Southfield, MI-based Farbman, and follows the company’s buy of the Bell Federal Building in late December.
The building is about 80% occupied, with ground-floor retail and Kaplan Educational Center as the main tenant. Andy Farbman, president, says there are a few dozen small law firms in the building as well. “We really believe it’s the best location in the city, at Randolph and Wells, close to both transportation and the courts.”
He tells GlobeSt.com that the seller, 205 Randolph, paid about $21 million for the property in 2006. However, Farbman says he feels good about this type of product. “The supply of B minus buildings are getting less and less, as they are converted to multifamily and hotels, which are hot right now. We feel there’s going to be demand.”
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