Blue Star Properties And Wolcott Group Acquire Office Tower At 2 N. Riverside Plaza For $25M

The property involved in this transaction is an office asset located at 2 North Riverside Plaza in Chicago. The asset encompasses a total square footage of 579,000 and was sold for a transaction amount of $25,000,000, resulting in a price per square foot of approximately $43.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $25,000,000
• Sale Price: $25,000,000
• Square Footage: 579,000
• Address: 2 North Riverside Plz
• Market: Chicago
• Buyer: Craig Golden - Blue Star Properties; Andrew Goodman - The Wolcott Group
• Seller: Voya Financial
• Brokers: Bryan Rosenberg & David Caprile - Eastdil Secured
• Price per Square Foot: $43

Craig Golden from Blue Star Properties and Andrew Goodman from The Wolcott Group are the buyers in this transaction. The property is set to undergo over $50 million in hospitality-focused upgrades as part of a strategy to reposition it, reflecting a trend in distressed downtown Chicago office sales. Bryan Rosenberg and David Caprile from Eastdil Secured represented the transaction on behalf of the sellers, Voya Financial.