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


Wednesday
104th commemoration of Chicago’s greatest loss-of-life tragedy, the Eastland Disaster, hosted by The Eastland Disaster Historical Society. The ceremony is an opportunity to connect with other individuals and families whose legacies all intersected on July 24, 1915. All are welcome to participate and be part of the growing public audience that remembers the tens of thousands of people who were involved in the Eastland Disaster while commemorating the history of the tragedy. 12:00 p.m., Chicago Riverwalk between LaSalle and Clark Streets. Map. More info.

Wednesday
New York Times bestselling author Jasmine Guillory presents The Wedding Party, her exhilarating new romance that has been selected as a Reese Witherspoon x Hello Sunshine Book Club Pick. Maddie and Theo have two things in common: Alexa is their best friend and they hate each other. After a night together, neither can stop thinking about the other. With Alexas wedding rapidly approaching, Maddie and Theo both share bridal part responsibilities that require more interaction with each other than theyre comfortable with. 6:30-8:00 p.m., American Writers Museum, 180 North Michigan Avenue, Second Floor. Cost: $12.00. Books will be sold and signed at the event. Map. More info.
More events

Biggest Gainers & Losers

LITTELFUSE INC.
183.67 6.43

JONES LANG LASALLE INC.
142.97 2.95

NORTHERN TRUST CORP.
95.01 2.28

EQUITY LIFESTYLE PROPERTIES INC.
124.66 1.73

Downtown Chicago Stocks