SVN Facilitates Century-Old Chicago Building Sale
- Jan 18, 2018
SVN has brokered the sale of a 28,000-square-foot loft building in Chicago’s West Loop neighborhood. The asset, previously owned by Gerding Edlen, has become part of RDG Funds’ portfolio. The buyer plans to fully redevelop it.
“It’s great to see a loft building that’s well over 100 years old be redeveloped so thriving businesses can enjoy it for many years to come,” said Chad Schroedl, senior advisor with the SVN Urban Real Estate team, in a prepared statement.
A slow-to-fill area
The property is located at 156 N. Jefferson St. and is currently vacant. According to Crain’s Chicago Business, Gerding Edlen paid $13.5 million for it in 2015, attracted by its location. The asset is close to the Fulton Market district and the West Loop office area, but is also separated from both of them through the train station and highway. These two factors have made it difficult for the landlords in the area to attract tenants.
SVN’s team of brokers representing the seller included Schroedl, Investment Specialist Drew Dillon and Executive Managing Director Scott Maesel, known for arranging office leases for tenants such as Redfin and Spaces. John Livaditis, also a broker with SVN, negotiated the transaction on behalf of the buyer.
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