CBRE recently completed the sale of 314 W. Institute Place, a 22,424-square-foot office property in Chicago’s River North neighborhood. Chicago-based Elmdale Partners acquired the property for $3.8 million.
The property, outfitted with floor-to-ceiling windows and brick and timber features, provides an opportunity for new ownership to transition it into an open-plan office that is popular with technology firms. Last year, River North accounted for 38 percent of all leases from tech firms in Chicago, up from 17 percent in 2014. It is also Chicago’s tightest office market, with an overall vacancy of 5.8 percent, according to research from CBRE, and asking rents averaging $42.70 as of Q1 2018, well above the market average of $39.41.
“This was an amazing opportunity to own a quality asset in Chicago’s hottest office market,” said Keely Polczynski of CBRE, who represented ownership in the deal. “The new owners will be able to strategically reposition the property and take advantage of the incredible market demand in River North.”
