The River North office building where WeWork shut down a large space and that previously housed Google’s Chicago office, is up for sale for potentially less than the loan value, an unfortunate trend seen across several recent Chicago property listings, reported Crain’s Business Journal.
Cushman & Wakefield has been hired to source a buyer for the office portion of the 17-story tower at 20 W. Kinzie Street. The Kinzie Street offering is for several stories of office space, a ground-floor office lobby and below-ground parking. The sale will not include the separately owned Kinzie Hotel on the lower floors.
The roughly 250,000-square-foot office portion of the building is about 80% vacant, after the departure of the largest tenant, WeWork, amid financial struggles during and after the pandemic. Alter Group, which completed the building in 2000, is working “in harmony” with Bank of America to explore a sale of the space, said Alter Group Executive Vice President Rich Gatto, according to the Journal.
The post 17-Story River North Tower Slated for Sale appeared first on Connect CRE.
The River North office building where WeWork shut down a large space and that previously housed Google’s Chicago office, is up for sale for potentially less than the loan value, an unfortunate trend seen across several recent Chicago property listings, reported Crain’s Business Journal. Cushman & Wakefield has been hired to source a buyer for …
The post 17-Story River North Tower Slated for Sale appeared first on Connect CRE.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.
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