Chicago School of Professional Psychology was the first to buy into the commercial condo project, recently claiming 57,000 sf on four floors and relocating from 47 W. Van Buren St. The joint venture, which is doing the conversion with $17 million in loans from Wachovia Bank and First American Bank, is selling the remaining space in the 11-story building to office and retail users, hoping to have the entire building sold or leased by the end of the year.

"Although Chicago definitely lags behind other large cities in the development of commercial condominium ownership for office and retail properties, over the last five years, we have noticed the beginnings of a definite trend," says Sterling Bay Cos. principal Andy Gloor. "Although this project is the first commercial condo conversion for Sterling Bay, we felt the timing was right to introduce the commercial condo concept."

Trammell Crow Co. senior vice president Kenneth J. Szady represented a private entity controlled by Lehman Brothers in the sale of the building. Transwestern Commercial Services executive vice president Phil Utigard and senior vice president Mitchell Loveman represented Chicago School of Professional Psychology in its purchase. Loveman is now a vice president with Colliers Bennett & Kahnweiler Inc.