Greenstone Partners has announced the sale of Germania Place, located at 108 West Germania Place, at the convergence of the prolific Lincoln Park, Old Town, and the Gold Coast neighborhoods. The 49,000-square-foot property represents a rare opportunity to acquire a 100% leased, first‐class, institutional quality asset that is truly one‐of‐a‐kind.
The remarkable German neoclassical building, also known as the German Club Building, was completed in 1889 by renowned architect, Addison & Fiedler and served as the focal point for Chicago’s German‐ American community at the turn of the century. The anchor tenant, Lighthouse ArtSpace, is host to the critically acclaimed Immersive Van Gogh experience, which signed its lease during the pandemic. Additional tenants include Tiparos Thai & Sushi Bar and Lincoln Park Preschool who have occupied the property for 26 and 23 years respectively. Other retailers include PiniPico Brazilian Café, Global Post & Shipping and CorePower Yoga.
“We experienced a strong level of buyer interest not only on a nationwide basis but also from international buyers. This type of buyer activity signifies the rarity of this investment that is truly best‐in‐class and in a prime location.” said Jason St. John, Managing Partner at Greenstone Partners, “There are seldom opportunities of this nature in the marketplace, and we are seeing buyers that were not active last year getting back into the market in droves, furthered by historically low interest rates and hedging against potential inflation.”
Danny Spitz and Jason St. John of Greenstone Partners exclusively represented the seller, R2 in the transaction, a nationwide private equity real estate firm and procured the buyer, an out‐of‐state, private investor.
