601W Companies snaps up South Loop mid-rise for $68M

JLL Capital Markets closed the $68 million sale of 801 Canal Street, a five-story, 591,577-square-foot office building in Chicago’s expanding South Loop submarket. JLL exclusively represented the seller, Canal / Taylor Venture, represented by Paul Gearen, and procured the buyer, 601W Companies.

Also known as Canal Center, the property is fully occupied by the Northern Trust Company through August 2020. 801 Canal Street features large, 105,000-square-foot floorplates, ample executive and surface parking and a host of amenities, including an on-site food hall, fitness center, daycare, conferencing facilities and outdoor terrace space. In addition to the office building, the offering also included a 1.3-acre development site situated directly south of the property. Canal Center is within minutes of Union Station and just south of another 601W Companies asset, the Old Post Office.

JLL’s Capital Markets team representing the seller was led by senior managing directors Jaime Fink and Bruce Miller, senior managing director/managing broker Jeff Bramson, senior director Patrick Shields and director Sam DiFrancesca.

“With an influx of nearly $11 billion of recent and ongoing capital projects surrounding Canal Center, the South West corner of Chicago’s CBD market has evolved into a major focal point within the city,” Fink said.