**Greenstone Partners Brokers Office-to-Multifamily Conversion Sale in Chicago’s River North**
Greenstone Partners has successfully completed the sale of 401 West Ontario Street, a 48,000-square-foot property in Chicago’s River North neighborhood. The transaction marks a significant office-to-multifamily conversion opportunity, closing at a sale price of $5.43 million.
The buyer, a private development group based in Chicago, was represented by Jordan Multack, Senior Director at Greenstone Partners.
The property offers considerable redevelopment potential due to its existing loft-style design, favorable zoning for multifamily use, and prime location. It is positioned near key transit points, including the Kennedy Expressway, the Merchandise Mart, the CTA Brown and Purple Line stations, and East Bank Club.
“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 attracted to the building’s efficient and flexible floor plates, indoor parking, and value-add redevelopment potential—all of which align with the growing demand for residential options in the River North submarket.
