X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-Scion Group is looking to possibly acquire 203 N. Wabash Ave. to be developed into student housing. The 24-story office building offers around 140,000 sf. An investment group reportedly puts the office building, about 60% occupied, as worth about $19 million.

The East Loop location is ideally situated to pull tenants from more than a dozen universities located in the surrounding area, says Scion president Rob Bronstein. “It’s pretty preliminary,” Bronstein tells GlobeSt.com. “The location is not any better than anywhere else in the city. We are where universities are.” He says Scion is in early stages of investigating the property, and that no financing has yet been secured.

The building, on the northeast corner of Wabash Avenue and Lake Street, was built in 1927. Kimpton Hotels and Resorts had reportedly considered the building for a 220-room hotel. Scion has previously developed the Automatic Lofts, a 142-unit West Loop building, for University of Illinois at Chicago. They are also responsible for University Center of Chicago, a $150-million, 725,000-sf South Loop development for DePaul University, Roosevelt University and Columbia College.

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?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

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.