Spear Street Capital Acquires Chicago Office Building From McCaffery Interests For $40M

An office building located at 1201 West Lake Street in Chicago's Fulton Market is under contract with a price of $40,000,000. The asset spans 146,000 square feet, translating to approximately $274 per square foot.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $40,000,000
• Buyer: John Grassi - Spear Street Capital
• Seller: Dan McCaffery - McCaffery Interests
• Broker Representatives: Tom Sitz & Cody Hundertmark - Cushman & Wakefield
• Market: Chicago

The deal is noted for its significance as Spear Street Capital aims to shift its focus towards smaller, high-demand assets following losses on larger Chicago office towers. The transaction is facilitated by Tom Sitz and Cody Hundertmark from Cushman & Wakefield.