Newmark has successfully facilitated the acquisition of 405 West Superior Street, a seven-story office building spanning 49,534 square feet in Chicago, Illinois. The property was purchased by nonprofit organization Self-Help Ventures Fund for $5.3 million.
Leading the transaction on behalf of the buyer were Newmark Executive Managing Director Mitchell Loveman and Associate Director Jimena Sayavedra. According to Loveman, this acquisition is indicative of the growing demand for functional and well-located creative office spaces that can support mission-driven organizations like Self-Help Ventures Fund.
Representing the seller exclusively were Greenstone Partners’ Managing Partners Jason St. John and Danny Spitz who noted that there was significant interest from both local and national buyers including investors and owner-users.
The building will be utilized by Self-Help Ventures Fund along with existing tenants including flexible workspace operator Expansive who will occupy one floor in partnership with them.
