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Chicago

Elmdale Partners looking for big payday in River North office building sale

The Skokie developer is seeking more than twice what it paid for 435 North LaSalle just four years ago

Elmdale Partners Principals Adam Freeman (left) and Thomas Bretz (right) with 435 North LaSalle
Elmdale Partners Principals Adam Freeman (left) and Thomas Bretz (right) with 435 North LaSalle

Elmdale Partners is looking to cash in on demand for River North office buildings with the sale of a property it bought four years ago.

The Skokie-based investor is seeking $17.5 million for the 48,000-square-foot building at 435 North LaSalle Drive, after buying the property for $8.1 million in 2015, according to Crain’s.

Elmdale spent $1.5 million renovating and re-leasing the four-story brick building after it was purchased. The firm put the building on the market last year before refinancing it for $12 million, according to Crain’s.

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Now the building is for sale again, and the new buyer will have the right to expand it as much as two more floors. It is 93 percent leased.

The overall Downtown office market has been riding high recently, with properties in River North performing particularly well thanks to demand from tech tenants.

Elmdale last year bought another office building in River North before launching an extensive renovation.

Cushman & Wakefield’s Cody Hundertmark and Tom Sitz are marketing 435 North LaSalle. [Crain’s] — John O’Brien 

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OfficeRiver North