Chicago, IL (December 13th, 2021) – Quantum Real Estate Advisors, Inc. has brokered the sale of a single-tenant AT&T office building located at 2401 W. Grace, Chicago, IL. Built in roughly 1960, the property is an all-brick building situated on roughly 2 acres of land. The property sold for $16,275,000. The Seller, a Chicago-based investment and development group had recently negotiated a lease extension with AT&T. The Buyer was an international investment fund with offices in both Mexico City and Miami. Chad Firsel, President of Quantum Real Estate Advisors, Inc. represented the Seller and Dan Waszak, Executive Vice President of Quantum Real Estate Advisors, Inc., represented the Buyer in the transaction.
Mr. Waszak had the following comments regarding the transaction, “This acquisition represented a unique ‘win-win’ situation for the Buyer. AT&T has been operating at this location for years, having exercised multiple options, indicating a high probability of a lease renewal. However, if AT&T were to leave, the zoning and size of the parcel give the buyer nearly unlimited redevelopment options, not simply just to re-tenant the existing structure.” Mr. Firsel added, “Ownership acquired this asset with a short-term lease and was able to create value by negotiating the lease extension.
Quantum Real Estate Advisors, Inc. (www.QREAdvisors.com) specializes in investment sales brokerage, assisting clients in the acquisition and disposition of commercial real estate. Quantum has the capacity through strategic alliances to offer full-service leasing brokerage, receivership, management, and financing.