National Louis University bought space on eight floors at a landmark Michigan Avenue building, as the private commuter school Downtown expands its footprint following the acquisition of another college.
The school paid more than $15 million for 126,000 square feet in the Gage Building, at 18-28 South Michigan Avenue, according to the Chicago Tribune. National Louis acquired Kendall College last year, and will move the culinary arts school into the new location.
Roosevelt University was the seller.
Other portions of the 12-story, 207,000-square-foot building are owned separately, including ground-floor restaurants The Gage and Acanto. National Louis will occupy space on the first through eighth floors.
Savills Studley’s Eric Feinberg, John Goodman and Isabel Preskill represented Roosevelt in the sale.
The building sits in an area home to a number of schools and universities, and not far from where California-based NB Private Capital bought a 27-story student housing building at 59 East Van Buren Street for $73.5 million earlier this year.
Deutsche Bank asset-management spinoff DWS Group later bought a student housing building at 407 South Dearborn Street for $76.8 million from Chicago-based CA Ventures. [Chicago Tribune] — John O’Brien