Office building in Chicago’s North Center sells for $16 million

Class B property long-term leased to AT&T bought by an unnamed international investment fund

Chicago /
Dec.December 15, 2021 12:30 PM

A photo illustration of 2401 W. Grace in Chicago’s North Center neighborhood (LoopNet, iStock)

An office building in Chicago’s North Center neighborhood has sold for $16.3 million.

The all-brick class B property at 2401 W. Grace is exclusively occupied by AT&T, which recently negotiated a lease extension, Quantum Real Estate Advisors, which brokered the deal, said in a statement.

The buyer was an international investment fund with offices in Mexico City and Miami, and the seller was an unnamed Chicago-based investment and development group.

The property sits on about 2 acres of land and zoning allows for “nearly unlimited redevelopment options,” Quantum President Chad Firsel, who represented the seller, said.

The four-story office building was completed in 1959 and renovated in 1997, according to the online marketplace LoopNet. It has about 93,000 square feet and 250 parking spaces.

Chicago’s suburban office market had a vacancy rate of 23.9 percent — a record high — at the end of the third quarter, with move-outs outpacing move-ins by more than 190,000 square feet, according to CBRE data. Leasing, however, was up 12.6 percent, compared with the second quarter, as inactive industries once again began to scout deals.





    Related Articles

    arrow_forward_ios
    Fritz Kaegi, Cook County assessor (Getty Images, iStock/Illustration by Steven Dilakian for The Real Deal)
    Cook County assessor Kaegi’s office collects $15M of ineligible tax exemptions
    Cook County assessor Kaegi’s office collects $15M of ineligible tax exemptions
    Kiser Group's Noah Birk and Aaron Skar with 7800, 7806 and 7822 South Laflin in the South Side neighborhood (Kiser Group)
    Chicago multifamily properties attracting out-of-state buyers: Kiser Group’s Birk, Sklar
    Chicago multifamily properties attracting out-of-state buyers: Kiser Group’s Birk, Sklar
    Merchandise MART and Vornado VP Glen Weiss (Loopnet, LinkedIn)
    Chicago’s Merchandise Mart getting another renovation
    Chicago’s Merchandise Mart getting another renovation
    Henry Kravis, co-founder and co-executive chairman, KKR (KKR); and Logistics Property In Suburban Chicago area (Crow Holdings)
    KKR fund buys 923K sf three-building logistics property in suburban Chicago as part of $264M deal
    KKR fund buys 923K sf three-building logistics property in suburban Chicago as part of $264M deal
    A rendering of "43 Green," the planned development on the corner of Calumet Avenue and 43rd Street (Chicago Department of Planning & Development)
    Mixed-use development set to bring housing, retail to Bronzeville
    Mixed-use development set to bring housing, retail to Bronzeville
    These were Chicago’s top real estate stories of 2021
    These were Chicago’s top real estate stories of 2021
    These were Chicago’s top real estate stories of 2021
    Duke Realty buys still more Chicago property, expanding to suburbs
    Duke Realty buys still more Chicago property, expanding to suburbs
    Duke Realty buys still more Chicago property, expanding to suburbs
    Kimpton Hotel Monaco
    Distress grows in Chicago’s hotel and office markets
    Distress grows in Chicago’s hotel and office markets
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...