N.Y.-based Intersection Realty Group Intersection paid US$19.3 million last month for a 25-story office building at 65 East Wacker Place, according to Cook County property records. It plans to turn part of the distressed building into 144 apartments, a conversion which city officials are courting to address vacancies left in the loop since the pandemic.
Intersection bought the 222,728-square-foot (20,692-square-meter) property from Acres Capital, a Uniondale, N.Y.-based lender that took control of the mostly vacant property about a year ago. The Realty Group is planning to keep several of the building’s office tenants but turn most—more than half—of the building into apartments. A rooftop amenity is also in the works.
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