CHICAGO—Urban Innovations has reacquired two office buildings here in the Greektown neighborhood for $14 million.
The two buildings total 150,000 sq. ft., including the 60,000-sq.-ft. building at 833 W. Jackson Blvd. and the 90,000-sq.-ft. property at 322 S. Green St. Current tenants within the new portfolio include: CAN TV, University of Illinois, Incisent Labs Group and Family Health Network, a Chicago-based nonprofit occupying nearly 24,000 sq. ft. The buildings are 76 percent leased.
“We have a strong presence within the high-end, loft-style commercial buildings in Chicago and these properties remain in line with our vision,” said Mike Scilingo, president of Urban, in a statement. “River North is a sought after location for our type of property, so our natural progression is to head back into the West Loop. We want to be able to continue to offer our tenants class-A-like amenities without the downtown price tag.” His firm had previously owned the properties, but sold them in 2005 to a private investor.
Aaron Zaretsky, leasing director at Urban, represented the firm in the transaction. John Slivka with CBRE worked on behalf of the seller, Wells Fargo N.A.