Commercial real estate brokerage firm Greenstone Partners announces the sale of a $6.7 million timber loft office building in Chicago’s Lincoln Park neighborhood. Greenstone Partners’ Managing Partners Danny Spitz and Jason St. John represented the seller, R2 Companies, in the transaction at 2001 North Clybourn Avenue. The buyer was a West Coast based private investor.
“Lincoln Park benefits from one of the strongest demographic profiles in the Midwest,” said St. John. “Boutique neighborhood office buildings like 2001 North Clybourn will continue to benefit from increased leasing velocity. There’s been steady leasing activity at the property since the beginning of the pandemic in March 2020. This trend is further enhanced by the lack of competitive office product within Lincoln Park.”
The 24,000 square-foot building is currently 97 percent occupied by a diverse mix of tenants operating innovative businesses and anchored by AMP Americas, a visionary producer of 100 percent renewable, closed-loop, carbon-negative fuels.
“Post pandemic, office tenants continue to seek smaller footprints in unique buildings outside the traditional Downtown highrises,” said Spitz. “2001 Clybourn features a compelling, creative loft-office aesthetic dating back to 1925, with high ceilings, exposed brick, and timber beams.”
The property underwent a complete renovation during recent years, with approximately $2 million invested to enhance the HVAC systems, decorative interior and exterior murals as well as bathroom, lobby, and tenant buildouts. 2001 Clybourn is two blocks east from the $6-billion Lincoln Yards development and is just a seven-minute walk to the CTA Armitage “L” train station.