R2 Companies bought a historic Old Town building with plans to upgrade the landmark’s retail and events spaces.
R2 Principal Matt Garrison said his company paid $10 million for the Germania Club building, a 129-year old former hall for German immigrants that sits at 108 West Germania Place, according to Crain’s. R2 bought it from Buffalo Grove-based Svigos Asset Management, which paid $7.9 million for the building in 2014.
R2 has plans to upgrade the three-story building’s ballroom in an effort to bring in more events. It is also considering facade upgrades including new lighting and signage.
The building, was designated a city landmark in 2011 and has been on the National Register of Historic Places since 1976, also has first-floor retail space, which is now fully leased. Despite nationwide doom-and-gloom over retail’s future, neighborhoods like Old Town are actually leading a resurgence in retail leasing.
The area around the Germania Club is only going to get denser, and likely, more wealthy. CIM Group and Golub & Co. have secured financing for 10-story luxury tower just north of the landmark club, with units listed between $1.6 and $5.6 million.