The U.S. Bank building, located at 104 N. Oak Park Ave., has been sold to a limited liability corporation but the bank and its subletters are set to continue leasing the building. Subletters include the Oak Park Economic Development Corporation.
“As far as I’m aware, in my conversations with the new buyer, there are no immediate plans to do anything different with the property,” said John Lynch, OPEDC executive director.
The property was transferred to the ownership of Chicago real estate development and investment group GW Properties in February, according to the Cook County Clerk’s Office, for $5.02 million. The previous owner was a land trust at Chicago Title Land Trust Company.
U.S. Bank rents the entire space then leases out the portions of the property not used by the bank to other entities, such as OPEDC, which has its office in that building. The building’s attributes are likely what prompted GW to make the purchase, according to Lynch.
“I’m sure that GW Properties sees the same qualities in this building that we see, which is a beautiful building in a fantastic location, next to a parking deck and across the street from a CTA station,” Lynch said.