“A loft building in Chicago’s River North has traded hands for the first time since it was built more than a century ago, setting up a redevelopment that is a sign of the times: an office-to-apartments conversion.
“Chicago developer Mo2 Properties has bought the seven-story Boylston Building at 116-122 W. Illinois St., which the firm plans to convert into 36 apartments, principals Ken and Michael Motew told CoStar News.
“‘We love the location, the ceiling heights and the exposed timber,’ Michael Motew said. ‘We also like the idea of having a smaller-sized walk-up property in an area of River North high-rise buildings with lots of amenities.’
“Mo2’s plans come as developers are teeing up similar, and in many cases larger, conversion projects with office demand low and apartment rents growing in Chicago.
“‘Our project is different than changing the space from traditional office space,’ Ken Motew said. ‘This is a loft building, and we’ve done plenty of work in loft buildings.’
“The $3 million sale of 116-122 W. Illinois late last month is the first change in ownership since Boylston Steam Specialty Co. built the 48,110-square-foot building in 1913, according to SVN Chicago broker Jim Mead.
“The company initially used the building for light manufacturing, sales and distribution, he said. Most recently, the family has leased out vintage office space on deals as short as month-to-month.
“The lone retail tenant on the ground floor, Arthur Murray Dance Studio of Chicago, will remain.” (Ori, CoStar News, 9/9/24)