Intersection Realty Group Acquires Mixed-Use Asset in Chicago CBD
A portion of the historic asset will be converted to apartments.
65 E. Wacker Place
Intersection Realty Group has acquired 65 E. Wacker Place, a Chicago mixed-use building, for $19.3 million.
The 222,728-rentable-square-foot property dates back to 1928 and was last renovated in 2013, according to CommercialEdge. Listed on the National Register of Historic Places, 65 E. Wacker Place is anchored by Morton’s Steakhouse on the first two floors, and features an 18,000-square-foot retail space. The 24-story property was 46 percent leased at the time of the sale.
Intersection Realty Group plans to reposition the asset by partly converting it to rental apartments, while keeping the building’s retail and office presence. Co-Founder & Principal Chase Chavin stated in prepared remarks that the new building will cater to residents working in hybrid models.
Located in Chicago’s Central Business District, 65 E. Wacker Place is within walking distance of the CTA superstation at State and Lake. Additionally, the building offers ease of access to several other commuting options in the metro, including Ogilvie Transportation Center, Union Station and Randolph Metra Station.
JLL Capital Markets Senior Directors Sam DiFrancesca and Patrick Shields, together with Managing Directors Jaime Fink and Bruce Miller, acted on behalf of the seller and also procured the buyer.
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