Andrew Brog Of Brog Properties Acquires Office Building In Chicago For $18.5M

The property asset involved is a mostly vacant office building located at 550 West Washington Boulevard in Chicago. The sale price for the asset was $18,500,000, with a total square footage of 372,396. The price per square foot was noted at $50. The office market in Chicago is experiencing challenges, reflected in this significant reduction from the building's 2013 sale price of $111 million.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $18,500,000
• Seller: Michel Khalaf - Metropolitan Life Insurance
• Buyer: Andrew Brog - Brog Properties
• Brokerage: Bruce Miller, Jaime Fink, Patrick Shields & Sam DiFrancesca - JLL
• Sale Date: 01/06/2025
• Market: Chicago
• Square Footage: 372,396
• Price per Square Foot: $50

The transaction highlights participation from key players in the real estate sector. Andrew Brog represented Brog Properties as the buyer while Michel Khalaf represented Metropolitan Life Insurance as the seller. The brokerage firm JLL was involved with four representatives: Bruce Miller, Jaime Fink, Patrick Shields, and Sam DiFrancesca facilitating the transaction.