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CHICAGO-The office condominium concept is making its way from the West Loop to the East Loop. Timothy Farrell’s FIC Development Group has announced plans to acquire 111 N. Wabash Ave., a 22-story, 259,000-sf building in the city’s Jeweler’s Row District, and convert it to office condominiums next spring.

Late last year, Hamilton Partners sold its 160,000-sf office building at 211 W. Wacker Dr. for $15 million to Ameritus, which divided the 18-story asset overlooking the Chicago River into space blocks ranging from 2,200 sf to 25,000 sf. Although terms were not disclosed, the most recent property assessment for the Garland Building at 111 N. Wabash Ave. puts its value at $34 million.

With occupancy at 82%, the Garland Building at the northeast corner of Washington Street and Wabash Avenue is home to 260 doctors, one of the largest collections of physicians in the city outside of a hospital campus, according to L.J. Sheridan & Co., which has been hired to sell the office condominiums. L.J. Sheridan & Co. already handles building management and leasing. The 91-year-old building’s 47,000 sf of retail space includes original Heaven on Seven restaurant as well as a Staples office supply store. The lobby was recently renovated by the limited liability corporation that owns the building, which also is wired for high-speed Internet service.

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