CHICAGO – April 16, 2024 – Stream Realty Partners, a national commercial real estate firm offering an integrated platform of services, announces the successful sale of the renowned 400 South Jefferson building in Chicago’s vibrant West Loop submarket.
The 247,000-square-foot, 8-story mid-rise structure, strategically located at Jefferson Street and Van Buren Street, boasts a rich history as it was originally constructed in 1946 for the Newman-Rudolph Lithographing Company. Through extensive renovations in 2013, the building was transformed into a modern office oasis featuring state-of-the-art amenities, including a town hall/event space, in-building parking with 80 car spaces, an outdoor roof deck, and lounge and locker rooms. This transformation positioned the property as a premier destination for today’s discerning tenants. 400 South Jefferson was owned by Office Properties Income Trust (Nasdaq: OPI) and managed by The RMR Group (Nasdaq: RMR).
“This sale underscores the strength and desirability of the West Loop submarket,” said Mark Bâby, Managing Director at Stream. “We are proud to have represented the landlord in facilitating this transaction, bringing together leading industry players in a mutually beneficial deal.”
The buyer of the property, The Chicago School, recognized the value and potential of 400 South Jefferson as a prime investment opportunity within one of the Loop’s most dynamic areas. The sale was facilitated by Stream’s Bâby and Executive Managing Director and Partner Patrick Russo, along with the buyer’s representatives from Cushman & Wakefield, Jeff Skender and Craig Cassell.
This sale demonstrates that tenants continue to demand highly amenitized and ready-to-go spaces and assets,” said Russo. “Despite the headlines regarding Chicago, there are pockets of strong supply and demand fundamentals. Specifically, owner/users are weighing the relative value between replacement costs and existing quality asset valuations.
For more information, contact Stream Chicago at 312.801.9396.
About Stream Realty Partners
Stream Realty Partners is a national commercial real estate firm offering an integrated platform of services, including leasing, Legendary CX property management, tenant and landlord representation, capital markets, investment management and sales, development, construction management, national program management, workplace strategies, strategic marketing, and dedicated research. The company is headquartered in Dallas and operates 15 core offices in markets that cover areas including Alexandria, VA; Arlington, VA; Atlanta; Austin, TX; Boca Raton, FL; Charleston, SC; Charlotte, NC; Chicago; Colorado Springs, CO; Dallas; Denver; Fort Lauderdale, FL; Fort Worth, TX; Greenville, SC; Houston; the Inland Empire; Irvine, CA; Los Angeles; Miami; Nashville, TN; Orange County, CA; Phoenix; Raleigh-Durham, NC; Reston, VA; San Antonio; Tampa, FL; Tysons; Washington, D.C.; and South Florida. Since 1996, Stream has grown to more than 1,400 professionals and now completes more than $8.8 billion annually in office, industrial, retail, healthcare, land, and data center transactions. For information, visit www.streamrealty.com and follow Stream on LinkedIn, Instagram, X and Facebook.
