Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

CHICAGO-The Inverbrass Funds LLC has purchased a 105,000-sf building and an adjacent parking lot for approximately $10 million with the intent of renovating the building into work/live units. Inverbrass Funds, based in Chicago, purchased the building at 619 S. LaSalle St. in Chicago’s Printers Row neighborhood from “a local partnership,” says John Slivka, senior associate for CB Richard Ellis.

Slivka and Marcello Campanini, also with CB Richard Ellis, represented the seller in the transaction. The asking price for the property was $7.2 million. Slivka tells GlobeSt.com that it was “more of a business decision” as to why the local partnership was selling the property. “There was a tenant that left a significant vacancy that allowed the ownership to work on repositioning it via capital improvements,” he says.

Tabin Corp. purchased the building in 2001. Slivka would not confirm that Tabin was the seller of the property. However, Ayman Khalil, principal with Inverbrass Funds, did confirm Tabin was the seller.

Inverbrass Funds purchased the building with the intent of converting it to work/live lofts because of its location, Khalil tells GlobeSt.com. “It was one of the few remaining actual printing press type of buildings in the South Loop,” he says. There are currently only a few tenants with the “two major tenants” being a printer and a publisher, Khalil says. “Frankly speaking, I do not think they will be staying,” Khalil says. The two tenants are paying “historic rates that were [between] $8 per sf to $9 per sf,” he says. “Even if I was not planning on doing any upgrades, any renting fees would basically price them out of that area,” he says.

Geo. Lauterer Corp., which sells fraternal regalia, church usher supplies and corporate awards, is the only tenant that has a long-term lease, Khalil says. The business occupies approximately 10,000 sf and has about five years remaining on their lease, he says. “They told us that they want to stay and we are happy to accommodate them,” he says.

Inverbrass Funds plans on initially converting “at least half” of the space into work/live rental units, Khalil says. A significant portion of the building will be renovated into units that are between 1,000 sf and 1,500 sf with private baths, kitchenettes and individual heating and air conditioning, he says. “We plan to focus on hardwood floors, timber beams, exposed duct work and track lighting,” he says. The lease rate for the units will be about $1,500 per month for the 1,000-sf units and about $2,000 per month for the 1,500-sf units, he says.

Khalil tells GlobeSt.com he hopes to have the renovations start in about six months. “We are developing plans and permits now,” he says. The renovations should be completed in the beginning of 2008, he says.

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
  • 1 free article* every 30 days across the ALM subscription network
  • 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 © 2021 ALM Media Properties, LLC. All Rights Reserved.