Amid down year for office trades, Marc Realty scores big profit in East Loop

The local firm sold the 20K sf property for more than 3 times what it paid for it in 2003

Aug.August 15, 2019 02:00 PM
55 East Jackson and Marc Realty’s David Ruttenberg

55 East Jackson and Marc Realty’s David Ruttenberg

Marc Realty Capital sold a 22-story office complex in the East Loop amid what has been a historically slow year for office real estate investment in Chicago.

The local firm unloaded the building at 55 East Jackson Boulevard for $63.5 million, more than three what it had paid 16 years ago. The buyer is an entity managed by attorney Paul Downing and tied to David Perlstein and Sung il Moon. Ready Capital Structured Finance provided a $44.4 million loan.

The building includes 20,000 square feet of space about one block from Millennium Park and Grant Park. Marc Realty had acquired the property in 2003 for $14.7 million. The company did not return requests for comment.

Downtown office sales hit a 20-year low this year. From January through June, only seven office buildings had traded all year, despite a surge of new inventory.

Marc Realty is behind the largest condo deconversion project in the city’s history, when the firm joined Wolcott Group in paying $90.5 million for the River City condominium complex late last year.

The developer is also teamed up with Ruttenberg Gordon Investments and DDG for a 254-unit “Old Town Residences” at 1400 North Orleans Street. The same trio is also planning to build 250-room hotel in Fulton Market.

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