River North building part of $86 million portfolio sale
Loop North News

REAL ESTATE 445 W Erie St - MAP

Photo by Ricky Bole

(Above) 445 West Erie Street in River North. Photo by Ricky Bole. (Click on images to view larger versions.)

River North building part of $86 million portfolio sale

12-Nov-16 – The sale of six vintage office buildings and three lots, a deal worth $86 million, includes a building in River North. 445 West Erie Street, a two-story, 52,905 square foot office and retail building, was part of a deal announced this week by KIG, a commercial real estate brokerage firm. The buyer is the real estate investment firm R2.

The other buildings are in the Greektown, Printers Row, and West Loop neighborhoods. They were all built between 1883 and 1903 and collectively are 90 percent occupied. The seller is Loft Development Corporation, which was represented by Susan Tjarksen, a principal of KIG and its managing broker.

“For a transaction of this scale,” said Tjarksen, “it was crucial for KIG to find a buyer that was not only familiar with these neighborhoods, but also had the connections and experience necessary to maximize the value of the underlying real estate through adaptive reuse and multifamily developments.”

76-year-old Owen Deutsch, chairman and CEO of Loft Development Corporation and a former commercial fashion photographer, sold his entire portfolio of office buildings on November 4, reportedly, to travel the world, photographing birds.

Photo by Owen Deutsch (Left) A Scarlet Macaw, photographed in Costa Rica by Owen Deutsch.

By Steven Dahlman | Loop North News | sdahlman@loopnorth.com

Published 12-Nov-16 9:10 PM

Loop North News

FREE WEEKLY EMAIL UPDATE

What’s news in the Loop and Near North neighborhoods of downtown Chicago.

Signup for our weekly email. No ads and no charge. Just enter your email address here...

Number of subscribers:
See this week’s update

More stories


Sunday
For the 19th consecutive summer, Eastland Disaster Historical Society will host the anniversary commemoration for Chicago’s greatest loss-of-life tragedy. Guests will include a representative from Chicago Maritime Museum and Patricia Sutton, author of Capsized! The Forgotten Story of the SS Eastland Disaster. 1:00 p.m. on the Chicago Riverwalk on the west side of the Clark Street Bridge. Cost: Free. Map. More info.

July 25
City Winery announces a special boat cruise and food/drink collaboration with The Duck Inn in Bridgeport. Event starts with drinks at City Winery on the Riverwalk between State and Dearborn. Guests will depart on an electric boat catered with cheese, charcuterie, and Piper Champagne. After arriving in Bridgeport, guests will be served a welcome cocktail from The Duck Inn, followed by a multi-course menu consisting of family-style summer dishes and drink pairings from City Winery Reserve wines. Tickets: $257 per person, includes food/drink pairings, boat transportation along the river, and gratuity. 5:30 p.m., City Winery, 11 West Riverwalk South. Map. More info.
More events

Biggest Gainers & Losers

BOEING CO.
356.75 3.48

NORTHERN TRUST CORP.
108.07 2.62

MB FINANCIAL INC.
46.36 2.33

TRIBUNE MEDIA CO.
32.04 2.06

Downtown Chicago Stocks