213 W. Institute Place
Chicago (River North), IL

October 20, 2017

213 W. Institute Place
Chicago, IL

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Square Footage:

152,000



Type:

Creative Office



Acquired:

February 2015


Business Plan:

When Ameritus acquired the building, it as a bank owned asset which was in need of a renovation in order to shed its image as a low-cost alternative in the submarket. Ameritus spent over $5M to reposition the building as an institutional quality asset by renovating lobbies, corridors, and the exterior. Small, single-office suites were combined to create larger spaces which attracted tenants with better credit and longer term leases. Over its hold period, Ameritus increased rents over 30% and eventually sold the asset to a REIT


 
 
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