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

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

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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.

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