High Rise Value-Add Joint Venture Equity | Central Loop, Chicago, IL
Wolcott provided joint venture equity to acquire, gut-renovate, and reposition this vacant former Chicago Public Schools headquarters. Our capital helped convert 572,000 SF of vacant office space into a marquis multi-tenant office building with creative loft offices and an acclaimed food hall in the lobby in a prime central Loop location.
Originally built in 1907 by renowned Chicago architect Daniel Burnham, the building is now a modern urban oasis, complete with a first-of-its-kind 24,000 SF food hall, a state-of-the-art fitness center, a resident lounge, and an outdoor terrace. Wolcott successfully exited the investment within 3.5 years, having leased over 90% of the building to new tenants. We have made multiple additional investments with our partner.