That compares to about 50% six years ago, when New York-basedthe Praedium Group LLC teamed with Golub & Co. bought the395,191-sf building and embarked on a major renovation program.Improvements were made to the lobby as well as retail space on theground floor of the building, constructed in 1929.
The joint venture is looking for another challenge, suggestsRobert Murray, Praedium Group's regional chief. "We have greatconfidence in the Chicago area and continue to aggressively seeksimilar value-add opportunities in this market," he says.
Golub & Co. and the Praedium Group bought the 309,000-sf1603 Orrington building in Evanston in 1999, added the 31,000-sfspace at 1629 Orrington leased to Borders Books & Music, thensold both properties.
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