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Rampante Realty selling historic Loop office building for $100M
The Florida-based firm is looking for a return from its 2016 purchase
Rampante Realty Partners is looking to sell a historic Loop office building for $100 million, a sharp markup from its purchase nearly three years ago.
The Tampa-based investor hired HFF to market the landmark 487,000-square-foot property at 401 South State Street, which it bought for $68.1 million in 2016, according to Crain’s.
The firm financed the acquisition of the eight-story building, a longtime Sears department store, with a $47.7 million loan. It has put $5.5 million into upgrades since then, according to HFF. The 120-year-old building is anchored by Robert Morris University, which leases 365,000 square feet.
The building is 75 percent occupied, well below the average for Downtown, where the vacancy rate has hovered around 13 percent for the past two years.
HFF’s Jeff Bramson, Jaime Fink and Sam DiFrancesca have the listing. [Crain’s] — John O’Brien