R2 Cos. Recapitalizes Historic Chicago Office Asset
- Sep 27, 2016
By Ioana Neamt
Chicago—Local real estate investment firm R2 Cos. has announced the $23.8 million recapitalization of 770 N. Halsted St. in Chicago, a historic loft-style office building in the River West neighborhood.
Located on the border between the predominantly residential River West neighborhood and Goose Island, the property comprises two eight-story buildings totaling 149,000 square feet of space with an affiliated 1-acre land site. Its tenant roster includes Radius, Inxpo and Northeastern Illinois University. Spanish brand Aire Ancient Baths will also open a new location at the site in 2017.
“It took almost 100 years for the property to reach a valuation of $11 million,” Matt Garrison, principal of R2 Cos., said in a statement. “Since 2013, we have seen that number more than double. It was time to realize that gain for the existing partnership, including our partner T2 Capital Management.”
770 N. Halsted is conveniently situated adjacent to the 600 West Chicago building, which is home to GROUPON’s headquarters, and across the street from Tribune Media’s future mixed-use, riverfront development. R2 acquired the property back in January 2013 for $10.8 million, and invested $4 million in improvements and leasing efforts at the site.
“We are also excited to invest with York Capital with a long-term view, and believe the value and location fundamentals for the asset remain incredibly strong,” added Garrison.
Image courtesy of R2 Companies