SOLD
Mike Drew Of Structured Development Repurchases Chicago Office Building For $10.5M
1333 North Kingsbury Street
Office
100,000 SF
100,000 SF
Sold 59 days ago
Summary
Sale
ILLINOIS
Office
100,000 sqft
The office building located at 1333 North Kingsbury Street in Chicago was sold for $10.5 million. The property spans 100,000 square feet, resulting in a price per square foot of $105.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $10,500,000
- Buyer: Mike Drew - Structured Development
- Brokers: Bruce Miller, Jaime Fink, Patrick Shields, Sam DiFrancesca & Jennifer Hull - JLL
- SF: 100,000
- Address: 1333 North Kingsbury Street, Chicago
Veteran developer Mike Drew led the repurchase of the property, intending to convert it into approximately 200 apartments. This shift towards residential conversion aligns with the trend of repurposing underutilized office buildings, reflecting evolving market dynamics.
Players
All
6
Agents
5
Agencies
1
Details
SOLD
IMAGE: Jaime Fink, Jennifer Hull, Bruce Miller, Mike Drew, Sam DiFrancesca & Patrick Shields
DATE: 03/02/2024
ADDRESS: 1333 North Kingsbury Street
MARKET: Chicago
ASSET TYPE: Office
BUYER: Mike Drew - Structured Development
BROKERS: Bruce Miller, Jaime Fink, Patrick Shields, Sam DiFrancesca (@SDFrancesca) & Jennifer Hull - JLL (@JLL)
SALE PRICE: $10,500,000
SF: 100,000 ~ PPSF: $105
NOTE: Veteran developer Mike Drew's $10.5 million repurchase of a Chicago office building at 1333 North Kingsbury Street signals a shift towards residential conversion amid rising office vacancies. With plans to transform the space into approximately 200 apartments, Drew's project reflects a broader trend of repurposing underutilized office buildings, pending zoning changes and market dynamics.
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Address1333 North Kingsbury Street
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