Primera Group And Marc Calabria Acquire Chicago Office Building From Old National Bank For $11M

The office portion of Chicago's Clark Adams Building, located at 105 West Adams Street, has been sold for $11,000,000. The property spans 330,000 square feet, resulting in a price per square foot of $33 in the Chicago market.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $11,000,000
• Location: 105 West Adams Street, Chicago
• Square Footage: 330,000
• Price Per Square Foot: $33
• Buyer: Zach Waickman & Gabriel Martinez - Primera Group; Marc Calabria
• Seller: Old National Bank
• Brokerage: Daniel Hyman & Susan Silver - Millennium Properties R/E

Primera Group and Marc Calabria plan to convert the acquired office space into affordable residential units, contingent upon obtaining public funding. This transaction follows a prior unsuccessful attempt to redevelop the site into 247 affordable apartments due to financing issues.