CHICAGO-The marketing agency Schafer-Condon-Carter has moved to double its occupancy downtown by purchasing a distressed, historic office building in the West Loop. Lakeside Bank, which had acquired the property through a foreclosure, sold the 34,500-square-foot building for about $1.6 million.
The property, at 1027 W. Madison St., is known as the CCP Holden building, named after its developer. Holden helped reconstruct the city after the Great Chicago Fire in 1871, and this property was built a year later. The four-story building contains four separate vaults and cast iron safe doors.
The buyer is moving out of a lease of about 16,000 square feet at 168 N. Clinton. John Marquardt with Transwestern, who represented the buyer, says the company wanted to make an investment. “At the end of the day, they wanted to own their building,” he tells GlobeSt.com. The firm plans a major restoration to the building, though the company could not comment Monday about the cost of the renovation.
The marketing firm opened in 1989, and includes clients Armour-Ekrich, the National Pork Board, Brach’s, the Chicago Fire Major League Soccer Club, ConAgra Foods, Solo Cup Co., General Mills and the Brunswick Corp.
While Marquardt says he’s seeing an increased level of activity, he also says this year will be another tenant’s market in the downtown. He was joined on this sale by Larry Serota and Mark Robbins. Jos. Cacciatore Inc. represented the bank in the sale.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.