CHICAGO, IL — Greenstone Partners announced the successful sale of 401 West Ontario Street, a 48,000-square-foot office-to-multifamily conversion opportunity located in Chicago’s River North neighborhood. Senior Director Jordan Multack of Greenstone Partners represented the buyer, a private, Chicago-based development group, in the transaction. The sale closed for $5.43 million.
401 West Ontario Street presented a rare opportunity to acquire a loft-style office building in one of Chicago’s most desirable submarkets, with zoning that supports multifamily redevelopment. The property is well positioned near the Kennedy Expressway, Merchandise Mart, CTA Brown & Purple Line stations, and East Bank Club, offering top tier accessibility and long-term redevelopment appeal.
“This was a unique opportunity to acquire a conversion-ready asset in a location where multifamily fundamentals remain extremely strong,” said Multack. “Opportunities like this are increasingly scarce in River North, particularly those with zoning already in place and strong proximity to transit, offices, and entertainment.”
The buyer was drawn to the building’s efficient and flexible floor plates, value-add conversion potential, and on-site indoor parking, all key components for a successful multifamily redevelopment in the submarket.
“The buyer recognized the ability to reposition a well-located asset in a premier neighborhood where rental demand continues to outperform,” added Multack. “The combination of location, zoning, and building characteristics made this a compelling long-term investment.”
Greenstone Partners specializes in many types of middle-market commercial real estate transactions throughout Chicagoland. Greenstone's team secures the most qualified offers and favorable terms for its clients, leveraging a proprietary marketing process, white-glove client service, and unparalleled market expertise.
Interested Investment Sales Brokers are encouraged to reach out to Applications@Greenstone-Partners.com to learn more.
About Greenstone Partners: Greenstone Partners has served private and institutional investors for over a decade. The firm provides top-tier advisory services, including investment sales, market analysis, and strategic consulting. Since 2013, Greenstone Partners has closed more than $3.5 billion in transaction volume. For more information, please visit www.Greenstone-Partners.com