Andrew Brog Of Brog Properties Acquires Office Building In Chicago For $2.5M

An office property located at 216 West Jackson Boulevard in Chicago has been sold for $2.5 million. The building spans 185,479 square feet, resulting in a price per square foot of $13. The transaction involved the buyer, Andrew Brog of Brog Properties, and the seller, LNR Partners.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $2,500,000
• Buyer: Andrew Brog - Brog Properties
• Seller: LNR Partners
• Address: 216 West Jackson Boulevard
• Market: Chicago
• Square Footage: 185,479
• Price per Square Foot: $13

Andrew Brog, representing Brog Properties, a California real estate investor, acquired the distressed office building at 216 W. Jackson Blvd. The sale reflects an 89% decrease from its 2013 sale price, showing the impact of remote work trends and higher interest rates on office property values. Brog aims to leverage the low acquisition cost and prime downtown location to attract tenants.