CHICAGO—Last December, LM Value Investors, LLC, a Chicago-area real estate investment fund managed by LM Commercial Development, set their sights on reviving an office building in the struggling office market just over the state line in Northwest Indiana. That month, the fund purchased The Crossings of Schererville, an 115,443-square-foot structure in Schererville, IN, from Fifth Third Bank, which had acquired it through foreclosure two years earlier.

And they have just secured four new leases with a total of 30,160-square-feet from a law firm, an accounting firm, and two health care companies. They are:

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