Matt Garrison Of R2 Companies Acquires Office Building In Chicago For $4.65M From State Farm Life Insurance

The property involved in this transaction is a loft office building located at 225 West Illinois Street in the Chicago market. The asset encompasses a total area of 46,150 square feet and was sold for a total price of $4,650,000, which equates to approximately $101 per square foot.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $4,650,000
• Buyer: Matt Garrison - R2 Companies
• Seller: State Farm Life Insurance
• Square Footage: 46,150
• Price per Square Foot: $101

Matt Garrison represented R2 Companies in acquiring this property from State Farm Life Insurance, which previously regained possession through a deed-in-lieu after a loan default by the prior owner RN Realty. The seller had originally held an $8.5 million mortgage on the property.