$19.25m sale of high-vacancy boutique, mixed-use building slated for adaptive reuse

Intersection Realty Group has bought the 222,728-rentable-square-foot 65 East Wacker Place, a  1920s vintage boutique, mixed-use, retail and office building  in Chicago.

The sales price was $19.25 million.

JLL Capital Markets represented the seller, a New York-based investment firm.

Built in 1928, the 24-story building is recognized by the National Register of Historic Places and is currently  46-percent leased.  In-place tenancy is anchored by Chicago institution Morton’s Steakhouse, which occupies the first two floors of the building.  With plans to convert a portion of the property to apartments, Intersection Realty Group will maintain the building’s commercial presence, inclusive of both retail and office space.

“We have significant experience with the acquisition and redevelopment of historic buildings utilizing historic tax credits. The downtown multifamily fundamentals remain strong, and driven by both our strong personal ties and long-