Aries Capital has announced the sale of a 4,700-square-foot vacant land site adjacent to the Chicago Motor Club building. Aries Capital secured ownership of the vacant land and the building at 68 E. Wacker Place last year. The vacant land was recently sold to a private hotel real estate company. The transaction closed on Aug. 30. Aries Capital plans to market the Chicago Motor Club building.
The Chicago Motor Club building, built in 1928, is a 15-story, 89,000-square-foot Art Deco structure designed by Holabird & Root. Since purchasing the building and vacant land last year, Aries Capital has positioned the building for sale and redevelopment. The structure boasts a dramatic three-story lobby and features numerous Art Deco fixtures and elements throughout. It is eligible for historic tax credits and the City of Chicago’s landmark Class L property tax reduction.
In the sale of the vacant land, Aries Capital was represented by Andrew Wilson, the firm’s vice president. Paul Faver of JB Real Estate Investment Group advised Aries Capital on the transaction and is advising the firm on the Chicago Motor Club building.