California investor buying a West Loop turnaround from Sterling Bay

Photo from CoStar Group

By: Danny Ecker | Feb 5, 2019 | Crain's Chicago Business

A West Coast investor is buying one of Sterling Bay's first revamp projects in the West Loop, betting that companies will keep wanting to work in loft office buildings downtown. Manchester Capital Management has struck a deal to buy a majority interest in an eight-story brick-and-timber office building at 626 W. Jackson Blvd. for close to $19 million, according to sources familiar with the agreement. The purchase price of around $300 per square foot would be high for a vintage office property, underscoring investor confidence in historic buildings that have been renovated and outifitted with modern amenities. Next door, the loft office building at 600 W. Jackson Blvd. sold in 2017 for around $220 per square foot. Read More....