Loop Office Buildings Sell for $14M

The 20 East Jackson building, at 16 stories and 63,520 sf, was built in 1919. The facility is 100% occupied; it sold for $5.8 million. The 106,800-sf Steger building at 28 East Jackson is also a vintage building, 19 stories high, with retail on the first floor and 9% vacancy. The Steger building sold for $8.6 million. Tenants in the buildings include Big Brothers, Big Sisters and the Lupus Foundation of Illinois.

Daniel Hyman, president of Millennium Properties R/E Inc., represented Montesano in the transactions. He tells GlobeSt.com that there's still great interest to buy quality, class C buildings Downtown.

"There are buildings continuing to come on the market in the Loop, there's more velocity going on now than in the past few years. The 10-year rate has come off of its high, people realize they can get returns now, so they're buying up property," he says.

Hyman says the purchasers plan to keep the buildings as-is, instead of converting them to office condos or residential condos, as has been the fashion in Downtown Chicago recently.