Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-The conversion of the Palmolive Building from offices to condominiums is being financed with a $135-million loan from Corus Bank. The North Side lender is tackling the entire deal, which will convert the 74-year-old landmark Art Deco building at 159 E. Walton St. into 103 condominiums, by itself.

A Draper & Kramer Inc. affiliate had sold 40 units through the middle of the year, according to Appraisal Research Counselors’ most recent benchmark report. The most recent sales have been slightly more than $2 million per unit, or $750 per sf, near the top of the overall Downtown market and slightly lower than the price tags at Donald Trump’s project at 401 N. Wabash Ave.

Marketing of the Palmolive Building Landmark Residences began in the summer of 2002, and occupancy of the first units is scheduled to begin in 2005.

The 37-story building at the north end of the Magnificent Mile was built as the headquarters of the Palmolive Peet Co. Although it opened six months before the onset of the Great Depression, occupancy remained above 88%, according to Draper & Kramer research. Nine years after moving to New Jersey, Palmolive sold the building in 1943. Its next notable tenant was Playboy Enterprises, which leased the building from 1965 through 1989.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.