Skyline Begins Leasing Units in Landmark Building

CHICAGO-The former Trustees System Service Building, which underwent a $49-million renovation, is ready for new tenants. While the landmark building at the crossroads of main arteries of the Chicago Transit Authority elevated rail lines once had office tenants, it has been transformed into 293 multifamily rental units.

Skyline Equities Realty, which bought the 28-story building at the northeast corner of Lake and Wells streets in late 2001 for $13.6 million, changed the building’s address as well as market sector. Formerly known as 201 N. Wells St., the new address for Skyline Century of Progress is 182 W. Lake St.

Rents will range from $785 a month for studio units to $3,600 a month for three-bedroom units. However, Skyline Equities Realty is offering two month’s free rent as an incentive. Rent also includes a package of unlimited local telephone service, cable television, individualclimate-controlled heat and air conditioning and high-speed Internet access that saves tenants about $2,400 a year, says Skyline Equities Realty chairman and chief executive officer Evangeline Gouletas.

Financing of the project came from LaSalle Bank, the city of Chicago and AFL-CIO Housing Investment Trust.