Michael Shenouda Of Honore Properties Acquires Office Building From Robert Kaplan For $9.2M

The property asset involved in the transaction is an office building located at 70 East Lake Street in Chicago, Illinois. The sale price for this 141,593-square-foot property was $9,200,000, resulting in a price per square foot of $65.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $9,200,000
• Buyer: Michael Shenouda - Honore Properties
• Seller: Robert Kaplan - Ansonia Properties
• Square Footage: 141,593
• Price Per Square Foot: $65

The deal was brokered with Michael Shenouda representing Honore Properties as the buyer and Robert Kaplan representing Ansonia Properties as the seller. Honore Properties has plans to convert the office building into 170 apartments, backed by $30 million in construction financing from Wintrust Bank, with a redevelopment cost of $40 million aimed for completion in 2028.