Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-Two class C office buildings were recently sold in Downtown for a total $14.4 million. Montesano Capital Corp. purchased 20 and 28 East Jackson Blvd. from Marc Realty and Winthrop Real Estate Co.

The 20 East Jackson building, at 16 stories and 63,520 sf, was built in 1919. The facility is 100% occupied; it sold for $5.8 million. The 106,800-sf Steger building at 28 East Jackson is also a vintage building, 19 stories high, with retail on the first floor and 9% vacancy. The Steger building sold for $8.6 million. Tenants in the buildings include Big Brothers, Big Sisters and the Lupus Foundation of Illinois.

Daniel Hyman, president of Millennium Properties R/E Inc., represented Montesano in the transactions. He tells GlobeSt.com that there’s still great interest to buy quality, class C buildings Downtown.

“There are buildings continuing to come on the market in the Loop, there’s more velocity going on now than in the past few years. The 10-year rate has come off of its high, people realize they can get returns now, so they’re buying up property,” he says.

Hyman says the purchasers plan to keep the buildings as-is, instead of converting them to office condos or residential condos, as has been the fashion in Downtown Chicago recently.

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.