Chicago, IL

Covered Land Play | Re-Development

2401 w. grace street | Chicago, il

  • Property Type

    Single-Tenant Office Re-Development

  • Size

    93,000 Square Feet

  • Key Tenants


  • Date Acquired

    May 2018

    Date Sold

    December 2021


  • Legacy asset which has been occupied by AT&T and its subsidiaries for over 50 years.
  • At acquisition, the property had approximately 4 years of term remaining on the lease.
  • $8 million interior capital improvement/renovation.


  • Site was zoned mixed-use with a F.A.R that would allow for 200,000 SF of building GLA.
  • If AT&T were to vacate, the site could be redeveloped in several ways including re-purposing the office building, developing a mixed-use project with retail and multi-family, or converting the building to a self-storage facility.


  • Upon signing a 5-year renewal with AT&T, we marketed the property for sale and closed with an international private equity investor