CHICAGO-The Actors’ Equity Association has purchased a 22,000-square-foot office property for its new regional headquarters. The union will relocate to the four-story 557 W. Randolph, which it purchased from Zonta International for $2 million. The move represents growth for AEA, which was previously based out of 9,000 square feet at 125 S. Clark St.

“Close to the heart of the Chicago theater district, the new Equity building is a great investment that will meet the needs of our members, staff and the dynamic Chicago theater community for many years to come,” says John Connolly, executive director of AEA. “It’s exciting to be in a position to make a strong contribution to the vibrancy of one of downtown Chicago’s most up-and-coming neighborhoods for the arts, entertainment and dining.”

557 W. Randolph is in the River West neighborhood, part of the West Loop submarket, where occupancy rates are around 86%.

The property was constructed by Henry Horner & Co. Wholesale and Flour Dealers in 1855 and was one of two buildings to survive the Chicago fire of 1871 in the area. The union will move into two stories in the second quarter of 2010. AEA plans to renovate the building into a mixed-use facility and lease the space it is not occupying.

AEA was represented in-house by Steven DiPaola, the union’s assistant executive director for administration and finance, in the deal, which was facilitated by Mark Stables, SVP, with Grubb & Ellis’ Office Group.

“With its immediate proximity to Interstate 90/94, the Clinton Green Line ‘L’ stop and both the Ogilvie Transportation Center and Union Station, 557 W. Randolph is a perfect match for Actors’ Equity Association,” Stables says. “Additionally, the fact that they were able to leverage the purchase in an all-cash deal saved them nearly a third of the cost of the original asking price – a huge value even in today’s economic environment.”

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?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to'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 and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.