Michael Alter

President, The Alter Group

As traditional office demand has eroded, Alter has repositioned his company toward specialized niches like industrial and data center-driven real estate, rather than waiting for an office rebound.

That shift has been most visible in suburban Lake County. Alter Group has been a repeat seller of land in Grayslake to T5 Data Centers, pushing its total sales in the area to nearly $60 million. Alter sold parcels to T5 in 2024 and again in 2025, after holding much of the land since at least 2006.

The sales marked a departure from the firm’s long-stalled plans to build a 641-acre business park known as Cornerstone, which had remained largely dormant for more than a decade.

The pivot contrasts with a more defensive posture on office assets.

In 2023, Alter Group moved to sell the office portion of its 17-story tower at 20 West Kinzie Street in River North after losing major tenants and facing a market reset. The building sold to Bixby Bridge and Franklin Partners for $20 million, a significant discount from a $60 million loan Alter had taken out against the property in 2019.

— Emma Whalen