{"id":1004265458,"date":"2018-09-17T09:49:08","date_gmt":"2018-09-17T17:49:08","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004265458"},"modified":"2022-12-08T10:12:16","modified_gmt":"2022-12-08T18:12:16","slug":"chicago-loft-office-building-commands-near-record-price","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/chicago-loft-office-building-commands-near-record-price\/","title":{"rendered":"Chicago Loft Office Building Commands Near-Record Price"},"content":{"rendered":"<div id=\"attachment_1004265461\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/1027-31-W.-Madison-St.-.png\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004265461\" data-attachment-id=\"1004265461\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/chicago-loft-office-building-commands-near-record-price\/1027-31-w-madison-st\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/1027-31-W.-Madison-St.-.png\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"1027-31 W. Madison St.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;1027-31 W. Madison St.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/1027-31-W.-Madison-St.-.png?w=800\" class=\"wp-image-1004265461 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/1027-31-W.-Madison-St.-.png\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/1027-31-W.-Madison-St.-.png 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/1027-31-W.-Madison-St.-.png?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/1027-31-W.-Madison-St.-.png?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004265461\" class=\"wp-caption-text\">1027-31 W. Madison St.<\/p><\/div>\n<p>Marcus &amp; Millichap has brokered the sale of a four-story historic building in Chicago\u2019s West Loop. The 30,620-square-foot asset traded for $13.1 million or $436 per square foot, just under the highest price paid for a multi-tenant loft office building in the neighborhood, and is located one block south of McDonald\u2019s new global headquarters. The buyer is a New York-based private family-owned company.<\/p>\n<p>The former owner of the 1027-1031 W. Madison St. property is Schafer Condon Carter, an independent creative and technology agency that will remain a tenant in the building, occupying the upper three floors. The first floor is leased to CrossTown Fitness and Madison Bar &amp; Kitchen.<\/p>\n<p>The office property was completed in 1872 and is an official Chicago landmark, bearing the Class L designation. SCC bought it in 2010 for $1.6 million and invested $4 million in renovations, restoring its historic facade and fully modernizing the interior.<\/p>\n<p>\u201c<em>This sale speaks to the<a href=\"https:\/\/www.commercialsearch.com\/news\/thor-equities-breaks-ground-on-chicago-mixed-use-project\/\"> tremendous outlook for the West Loop<\/a>. Passive cash-flowing assets that are well located and poised to sustain stable, long-term growth should continue to perform very well with a national buyer audience,<\/em>\u201d said Stephen Lieberman, a director with Marcus &amp; Millichap and the seller\u2019s broker, in a prepared statement.<\/p>\n<p><em>Image courtesy of Marcus &amp; Millichap<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Marcus &amp; Millichap represented the seller of the four-story West Loop property, which traded for 13.1 million or $436 per square foot. <\/p>\n","protected":false},"author":242,"featured_media":1004265461,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21743,21808,21783,13,21742,21747],"tags":[34836,38098],"class_list":["post-1004265458","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-deals","category-featured","category-investment","category-midwest","category-latest","category-office","tag-marcus-millichap","tag-west-loop-submarket"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Chicago Loft Office Building Commands Near-Record Price - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/chicago-loft-office-building-commands-near-record-price\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chicago Loft Office Building Commands Near-Record Price\" \/>\n<meta property=\"og:description\" content=\"Marcus &amp; Millichap represented the seller of the four-story West Loop property, which traded for 13.1 million or $436 per square foot.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/chicago-loft-office-building-commands-near-record-price\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-09-17T17:49:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T18:12:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/1027-31-W.-Madison-St.-.png\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Roxana Baiceanu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/chicago-loft-office-building-commands-near-record-price\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/chicago-loft-office-building-commands-near-record-price\\\/\"},\"author\":{\"name\":\"Roxana Baiceanu\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/94dbd38faeeb26b4b597d7fbd793c52a\"},\"headline\":\"Chicago Loft Office Building Commands Near-Record Price\",\"datePublished\":\"2018-09-17T17:49:08+00:00\",\"dateModified\":\"2022-12-08T18:12:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/chicago-loft-office-building-commands-near-record-price\\\/\"},\"wordCount\":224,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/chicago-loft-office-building-commands-near-record-price\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2018\\\/09\\\/1027-31-W.-Madison-St.-.png\",\"keywords\":[\"Marcus &amp; 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