Dayton Street Partners acquired a 40,000-square-foot building and 15,000 square feet of land, located at 1500 Carroll Ave. on the edge of the booming Fulton Market West, from a private seller.
Built in 1889, the five-story loft office building has housed a diverse group of companies through its history such as The Chicago Bicycle Company, The Chicago Spring Butt Company, The Trenton Wire Mattress Company and H.S. Maynard Chemical Laboratory. It has been vacant for the past 15 years and most recently served as home to a circuit board manufacturer.
Dayton Street Partners will invest $4 million into the existing building, modernizing it for today’s office user. Improvements will include new exterior windows; new bathrooms and HVAC on each floor; new lobby, stairwells and lighting; new fire and life safety; new roof and bike garage; a new rooftop deck; and secure, parking for 47 cars.
In addition, Dayton Street plans to develop another 30,000-square-feet on the newly acquired land for an eventual total of 70,000 square feet of office space on site. Dayton Street cites accessibility as the main driver for the purchase.
“The proximity to public transportation is unbeatable,” said Principal Howard Wedren. “But more importantly, we will be able to offer new, state-of-the-art creative loft office space at rents that are 20 to 30 percent less than neighboring Fulton West.”
Cushman & Wakefield’s Andrea Saewitz, Teddy Walsh and Lenora Adds will handle marketing and leasing for the property. Wintrust is financing the construction.
