The Alter Group is reportedly preparing to sell its nearly 3 million-square-foot commercial real estate portfolio that includes two River North office towers.
Michael Alter, president of Skokie-based Alter Group Ltd., is selling off his office and industrial properties in Illinois, Virginia, Florida and Arizona because none of his children nor his nieces and nephews want to run the business that his father, William Alter, began in 1955, according to Crain’s Chicago Business.
In the Chicago area, Alter owns 708,902 square feet of buildings, including 111 W. Illinois St. and 20 W. Kinzie St., in addition to 750,000 acres of land that he intends on keeping. His future plans include developments with multiple partners, including a 600-acre property in Grayslake where he is considering a $200 million mixed-use project for 2015.
“We’ll be starting over and building a new portfolio,” Alter told Crain’s.
Alter’s 50 development employees have been offered retirement and severance packages, although the 65 employees of Alter Asset Management, which his family also owns, will not be affected, according to the Crain’s report.