Echo Development Group, Inc. has acquired 2401 W. Grace Street, a single-tenant office building strategically located in the heart of the Western Avenue commercial corridor in the North Center/Roscoe Village neighborhood on Chicago’s northwest side. The 93,000+ square-foot building was sold for just under $14,000,000. The property is currently leased to AT&T Services, Inc., a subsidiary of AT&T Inc.
“This was a rare opportunity to acquire over two acres of land in a phenomenal north-side neighborhood, with a strong credit tenant in place, and tremendous upside potential for redevelopment in the future,” said Jon Boyajian, principal of Echo Development Group. 2401 W. Grace is located in a dynamic trade area that is home to a significant concentration of national retailers, restaurants, grocery stores and a highly sought-after school district.
“AT&T has completed extensive renovations and recently announced they’re adding 500 call-center jobs at this site,” said Boyajian. “The neighborhood continues to improve with new commercial development along Western Avenue. Long term, we really like our options.”