A condominium conversion could be in the works for the 31-year-old, 18-story tower, Equity Marketing president Herb Emmerman says in a prepared statement. Park Lane is across the road from several condo projects selling in the $500,000-plus range.
The seller was an unidentified pension fund advised by Heitman Capital Management, also of Chicago. In the deal, Kennedy-Wilson Properties Ltd., a division of Los Angeles-based Kennedy-Wilson Inc., lost its management contract to NAI Brannen/Goddard of Atlanta.
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