Asset

Intersection Realty Group Acquires Mixed-Use Asset in Chicago’s Central Business District – Commercial Property Executive

Part of the historic asset will be converted into apartments.

65 Wacker Place East

Intersection real estate group acquired Chicago’s 65 East Wacker Place mixed-use building for $19.3 million. CommercialEdge shows that ACRES Capital–REO sold the asset after only one year of ownership.

The 222,728 square foot rental property dates back to 1928 and was last renovated in 2013, according to the same data provider. Listed on the National Register of Historic Places, 65 East Wacker Place is anchored by Morton’s Steakhouse on the first two floors and features 18,000 square feet of retail space. The 24-story property was 46% leased at the time of the sale.

Intersection Realty Group plans to reposition the asset by partially converting it into rental apartments, while retaining the building’s commercial and office presence. Co-founder and director Chase Chavin said in prepared remarks that the new building will accommodate residents working in hybrid models.

Located in Chicago’s central business district, 65 East Wacker Place is within walking distance of the CTA superstation at State and Lake. Additionally, the building offers easy access to several other transportation options on the subway, including the Ogilvie Transportation Center, Union Station, and Randolph Metra Station. The property is also approximately 18 km from highways 90 and 94.

JLL Capital Markets Managing directors Sam DiFrancesca and Patrick Shields, and managing directors Jaime Fink and Bruce Miller, acted on behalf of the seller and also procured the buyer.