Michael Shenouda Of Honore Properties Acquires Office Building From Robert Kaplan For $9.2M
70 East Lake Street
$9,200,000
$65/SF
Building Size
141,593 SF
Asset Type
Office
Closing
Jul 17, 2026
About this deal
AI
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.
On the Map
$9,200,000
$65/SF
Office
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Players
Chicago Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.72%
Cash-on-Cash
-0.49%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93