Office N Illinois

SVN Chicago sells Haymarket Building

SVN Chicago sells Haymarket Building,ph01

SVN | Chicago Commercial handled the sale of a 42,000-square-foot, loft-style office building at 117-121 N. Jefferson Avenue in Chicago’s West Loop neighborhood. An investor coming out of a 1031 exchange purchased the structure, known as “The Haymarket Building,” for $12,875,000.

“Our sales process produced many interested parties and offers,” said Wayne Caplan, senior vice president for SVN Chicago who led the team that represented the seller. “You can’t find a more sought-after area than the West Loop for investors seeking well located, quality assets. This property was over 90 percent leased at time of sale and should provide the new owner upside on legacy lease renewals in addition to air rights that haven’t been maxed out.”

Caplan and Lee Ffrench of SVN | Chicago represented the seller, an affiliate of St. Louis-based Hoffmann Commercial Real Estate. The purchasing team was led by Chicago based In-Commercial Group. The sale finalized in the beginning of December 2017.