A CBD Chicago office building will soon be converted into an office condominium property. The building at 211 West Wacker is an 18-story, art deco-style property with 160,000 sq. ft. of office space. Chicago-based Ameritus paid $14.95 million for the property, which was formerly owned by Itasca, Ill.-based Hamilton Partners.
"Prior to purchasing the building, we studied the need to reposition it in the marketplace. We thought about its identity among the surrounding larger structures along Wacker Drive and began to think of it as a small, upscale hotel," says Bert Scherb of Ameritus.
Rather than converting the property into a hotel, Scherb decided that an office condo made more sense. The reason? "Occupants could take pride of ownership, control long-term occupancy costs by avoiding rent fluctuations, use ownership as a tax-planning tool and fell comfortable about spending money to design and build out their office space to meet personal needs and preferences," explains Scherb.
Built in 1928, 211 West Wacker Drive was renovated in 1984. The building features classic architecture with towering columns at the base.