Menu

Downtown office building up for sale

1010 Lake St. mid-rise sold with Albion site in 2014 for $6.95 million

June 22nd, 2018 3:03 PM

By Timothy Inklebarger

Staff Reporter

An office building at 1010 Lake St., located adjacent to the property where a high-rise luxury apartment building is being constructed, is on the market.

The asking price is not specified in the listing with commercial realtor Holliday Fenoglio Fowler LP (HHF), but the 7-story building was last sold in 2014, along with an adjacent 24,017-square-foot two-story office and retail building to the east, to UrbanStreet Group LLC for a combined $6.95 million.

That adjacent building, located at 1000 Lake St., was subsequently sold to Albion Residential LLC in November 2017 for $7.15 million. The 1000 Lake St. building was demolished earlier this year, clearing the way for construction of the 19-story luxury apartment building by Albion.

Bryan Rosenberg, a realtor with HHF, could not immediately discuss the 1010 Lake St. property going on the market.

The property listing describes the office building as a "value-added transit-oriented tower located a short distance from downtown Chicago …"

"1010 Lake Street has been transformed into a modern office tower equipped to accommodate growing traditional office and medical tenants alike," the listing states. "With extensive renovations addressing all areas of the building from the lobby to the common corridors recently completed, the property has enjoyed tremendous leasing velocity and is well-positioned to capture continuous tenant demand well into the future."

The listing also notes that the $87.5 million, 265-unit Albion building is scheduled to be completed in June 2019 "with plans for a 4,800-square-foot restaurant and a 2,000-square-foot coffee shop.

CONTACT: tim@oakpark.com