The Real Deal Chicago

Feil Organization makes another West Loop office building

It’s the New York firm’s third splashy acquisition in the neighborhood since 2016
By Joe Ward |
Research by Harunobu Coryne
August 28, 2018 04:00PM

Jeff Feil and 1029 W Madison St

UPDATED: 11:06 p.m., Aug. 29, 2018: The Feil Organization has bought the West Loop offices of ad agency Schafer Condon Carter in the latest pricey acquisition for the red-hot neighborhood.

The New York-based firm paid $13.1 million for the building at 1029 West Madison Street, according to property records. Schafer Condon Carter paid $1.6 million in 2010 for the four-story building with a rooftop deck.

Schafer Condon Carter will remain a tenant of the building, according a source with knowledge of the deal. Other tenants include Crosstown Fitness and a restaurant.

The deal was done through an LLC controlled by Tim Condon, executive chairman at the ad agency. Condon did not return a request for comment.

Brian Feil said of the deal: “we like the location and we like the tenants.”

The Feil Organization, a family-owned real estate investment firm, isn’t new to the greater West Loop market.

The company in 2016 bought five properties in Fulton Market from Sterling Bay for $35 million — well above the $14 million Sterling paid for them just two years earlier, according to Crain’s. Those buildings are fully leased, according to Feil’s website.

Last year, the group paid $23.3 million for the Central Arts Building at 730 North Franklin Street. The organization also owns office towers at 10 South LaSalle Street and 645 North Michigan Avenue.

Citigroup financed the Feil Organization’s latest buy with a $8.5 million loan, according to records reviewed by The Real Deal. The sale is the latest in a number of pricey acquisitions and developments in the West Loop.

Elsewhere in the area, two other New York-area investors, Case Equity Partners and Lexington Realty International, bought the seven-story building at 1033 West Van Buren Street for $15.1 million in July. That’s twice as much as it sold for in 2014.

Sterling Bay, one of the West Loop’s most active developers, in April secured a $181 million construction loan to build a 19-story office building for Wells Fargo at 333 North Green Street.