Echo Real Estate Capital, formally known as Echo Development Group, Inc., announces it has sold a Chicago office building leased to AT&T for $16,275,000.
The 94,000-square-foot building is located at 2401 West Grace and is 100% occupied by AT&T.
The building is used as a national call-center and training facility. Echo acquired the asset in
2018.
“This was a great deal for us and a nice one to close before the end of the year,” said Echo Real
Estate Capital principal Jon Boyajian. “When we bought the building, our plan was to either
extend AT&T’s lease or redevelop the property if they vacated. We loved the neighborhood
and location so we were comfortable either way.”
The property is currently zoned to allow for up to 200,000 square feet of buildable area.
Boyajian added, “We stayed in front of AT&T as they weighed their options. I think they were
wrestling with the same ‘future of remote work’ question that a lot of companies are faced with
today. Ultimately, they felt it was important to keep the space and maintain a presence in this
market. We signed a lease extension with them earlier this year.”
Echo’s capital partners on the deal included First Midwest Bank and T2 Capital Management.
The buyer was an international investor.
