Gene Staples Acquires International Tower Office Building In Chicago For $30M

Gene Staples, a Chicago investor, has acquired the International Tower located at 8550 West Bryn Mawr Avenue near O'Hare International Airport. The 302,000-square-foot office property was purchased for approximately $30 million, reflecting the challenges faced by Chicago's office market due to remote work trends and high vacancy rates. The seller, Bridge Investment Group, still maintains a stake in the property through seller financing, which is a strategy becoming more common in the current high-interest rate and tight lending environment.

Summary of transation details

• Property Type: Office
• Transaction Amount: $30,000,000
• Square Footage: 302,000
• Address: 8550 West Bryn Mawr Avenue
• Market: Chicago

Gene Staples, a Chicago investor, led the venture that acquired the International Tower. The deal was facilitated by brokers Bruce Miller, Jaime Fink, Patrick Shields, and Sam DiFrancesca from JLL. The purchase reflects the ongoing trend of remote work impacting the office market in Chicago. Despite the challenges, Staples and his team saw potential in the property's location near O'Hare International Airport. As the previous owner, Bridge Investment Group decided to maintain a stake in the property through seller financing, adapting to the current high-interest rate and tight lending environment.