Tyler Hague, LEED AP, vice president; David Burden, SIOR, principal; and Tim Hart, senior vice president, all with Colliers International | Chicago, represented Columbia College Chicago in its sale of 1415 S Wabash Avenue and 820 S Michigan Avenue. 3L Real Estate purchased 820 S Michigan, while CMK purchased 1415 S Wabash.
1415 S Wabash is a 34,000-square-foot land parcel zoned DX-7. The highly-visible corner land site sits in Chicago’s burgeoning South Loop submarket and will be developed into a multifamily property.
820 S Michigan Avenue, the former Johnson Publishing headquarters, is a 110,000-square-foot, 11-story vacant office building which Columbia College purchased in 2010. 3L Real Estate will convert the building from office space to multifamily with 150 apartments planned. During the sale process, the team worked in conjunction with Alderman Sophia King (4th Ward) and the Landmarks Commission to successfully designate the building as a Landmark for its great historical and cultural relevance. Conversion work is expected to begin in early 2018 with delivery expected in summer 2019.
“Investor demand in the South Loop submarket remains strong, as the area continues to mature,” said Hague. “These transactions demonstrate the varying deal structures investors are considering in the current multifamily environment.”
Columbia College sells 1415 S Wabash and 820 S Michigan
Date Published: 12/05/2017