213 West Institute Place
213 West Institute Place, Chicago, IL
The 213 West Institute building is a vintage brick and timber loft office building, once home to Gormully & Jeffery Mfg. Co., a bike manufacturing facility. The historic property recently underwent a full renovation, with over $6.3 million worth of capital improvements.
Since 2015, the property has undergone a roof replacement, lobby renovation, corridor upgrades, new fire panel and freight elevator, along with replacement of tenant specific HVAC units and coils. These upgrades have been accretive in improving the building to a best-in-class brick and timber building, but also in the retention of existing tenants and marking rents to market. In addition to the renovation, the property also offers an on-site 32-stall parking lot, a rare amenity within the submarket.
Investment at a Glance
Location: Chicago, IL
Property Type: Class B Office
Acquisition Date: November 9, 2017
Purchase Price: $43,500,000
No. of Buildings: 1
No. of Stories: 7
Square Footage: 155,166 SF
Year Built: 1908/Renovated 2015-2017
Leased Percentage (at the time of Acquisition): 94.7%