July | 2018
Echo Development Buys North Side Office Building
Echo Development Group bought a 93,000-square-foot office building on the north side for $14 million.
The firm acquired the property at 2401 West Grace Avenue in the North Center neighborhood from Inland Private Capital, said Jon Boyajian, principal for Chicago-based Echo.
The building is fully leased to AT&T Services, a subsidiary of AT&T, which is in the midst of a hiring spree that will add a total of 500 new call-center jobs at the site, the Chicago Tribune reported in March.
Boyajian said the company has time left on its lease along with options to extend it. But should AT&T choose to leave, Echo would have a number of redevelopment options, including new office tenants, multifamily, mixed-use and more.
The company’s portfolio includes buildings in a number of states, Boyajian said, with Echo closing on $37 million in acquisitions since the start of this year.
Inland bought the building from AT&T in March 2007 in a sale-leaseback deal for a reported $11.5 million, according to Real Capital Analytics.
While the building is several miles north of the Downtown office market, investors are seeing healthy demand for office space in the city despite a surge in new supply.