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CHICAGO-Sterling Bay Cos., based in here, and a group of investors are planning to renovate the approximate 250,000-sf building at 300 W. Adams. The group acquired the building for $23 million in August from Samuel Zell and EGI Properties, as previously reported by GlobeSt.com. The project will be a “multimillion-dollar” renovation, says Scott Goodman, principal with Sterling Bay.

The building was constructed in 1928 and includes approximately 21,000 sf of retail. “It is a superb location next to the Sears Tower and AT&T [Corporate Center],” Goodman says. The project will include the renovation of the main lobby and entrance, including the addition of a grand canopy. Common corridors will be upgraded, elevator cabs will be replaced and sprinklers will be installed in the building. The owners also plan to add green-roof landscaping and energy-efficient insulated windows. “Even though it is a vintage building from the outside, it is going to be very updated,” Goodman says. Renovations are expected to be completed in the fourth quarter. Architecture and design firm Booth Hansen, based here, will be the architect for the renovation.

The building is currently about 70% occupied, Goodman says. The building was approximately 50% occupied when it was acquired last August. “We have done several leases in the 3,000 [sf] to 4,000 [sf] range,” he says. Retail tenants include Bank of America, Quiznos, Marquette Inn and Ace Hardware. Office tenants include the state of Illinois, ChiCor and Uniscribe Professional Services. Menahem Deitcher is the leasing agent for the building.

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