The Green Exchange, a 229,000-square-foot loft office building located at 2545 W. Diversey Avenue in Chicago’s Logan Square neighborhood, has his the market with a reported asking price of $75 million. The building serves as the headquarters of third-party logistics firm Coyote Logistics, who signed a long-term lease extension in July.
Chicago-based Baum Development acquired the property in 2006, following the closing of the Cooper Lamp Factory two years prior. They revamped the vacant and dilapidated building, positioning it as a LEED Platinum green business community, targeting companies looking to locate in a sustainable office space.
Baum paid $7.5 million for the property, buoyed by a $5.9 million loan, according to a Crain’s Chicago report. The 2008 recession nearly tanked the redevelopment, but after securing construction loans in 2009 and 2010, Baum received an additional $15 million in federally guaranteed lending, a loan that would be partially repaid by $10 million in TIF funds. In total, acquisition and redevelopment of the Green Exchange would amount to $60 million by the time renovations were completed in 2010.
Baum Development is a subsidiary of Baum Realty Group, which has suggested the possibility of retaining interest in the property post-transaction. CBRE senior vice president Dan Deuter is representing Baum in the offering, along with vice presidents Tom Sitz and Cody Hundertmark.
