Downtown office building up for sale

1010 Lake St. mid-rise sold with Albion site in 2014 for $6.95 million

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By Timothy Inklebarger

Staff Reporter

An office building at 1010 Lake St., located adjacent to the property where a high-rise luxury apartment building is being constructed, is on the market.

The asking price is not specified in the listing with commercial realtor Holliday Fenoglio Fowler LP (HHF), but the 7-story building was last sold in 2014, along with an adjacent 24,017-square-foot two-story office and retail building to the east, to UrbanStreet Group LLC for a combined $6.95 million.

That adjacent building, located at 1000 Lake St., was subsequently sold to Albion Residential LLC in November 2017 for $7.15 million. The 1000 Lake St. building was demolished earlier this year, clearing the way for construction of the 19-story luxury apartment building by Albion.

Bryan Rosenberg, a realtor with HHF, could not immediately discuss the 1010 Lake St. property going on the market.

The property listing describes the office building as a "value-added transit-oriented tower located a short distance from downtown Chicago …"

"1010 Lake Street has been transformed into a modern office tower equipped to accommodate growing traditional office and medical tenants alike," the listing states. "With extensive renovations addressing all areas of the building from the lobby to the common corridors recently completed, the property has enjoyed tremendous leasing velocity and is well-positioned to capture continuous tenant demand well into the future."

The listing also notes that the $87.5 million, 265-unit Albion building is scheduled to be completed in June 2019 "with plans for a 4,800-square-foot restaurant and a 2,000-square-foot coffee shop.

CONTACT: tim@oakpark.com

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Ken Van Spankerswanson  

Posted: June 25th, 2018 9:41 AM

It is a shame that D97 built a building when they could have bought this and leased space to the Park District, the Township and the Senior Activities Center. Spend it like you got it, taxing bodies always say.

Christine Vernon  

Posted: June 23rd, 2018 9:48 AM

So true, Jolyn, there is an underground river that runs under Scoville Park, and somehow courses under the Lake Theater, too. For years there was a sump pump there to keep the basement, lower level from flooding. I know the plumbers well who dealt handled that for them for years.

Tim Red  

Posted: June 23rd, 2018 5:12 AM

I Love growth and expansion! But the congestion of traffic has tripled My commute has tripled to the el! We have actually been going North at times for dinner to get away from the congestion and construction! !

Jolyn Crawford  

Posted: June 22nd, 2018 9:36 PM

And the beat goes on! I wonder what Albion will find under ground; what incentives they receive and how much profit they will make in comparison to taxes they generate!

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