Fulcrum's joint venture partner is Diversified Real Estate Capital. The buying entity used a $42.6-million mortgage from First American Bank, according to property records. The new owners plan to install a sprinkler system, renovate restrooms as well as upgrade the lobby and corridors. Fulcrum Development has hired Lincoln Property Co. to lease and manage the building, which was 93% leased when it was sold.
However, the agents will have more than 18,000 sf to fill with the impending loss of the building's anchor tenant, Attorney's Title Guaranty Fund and two subsidiaries, including Judicial Sales Corp. The title insurance company, which also holds foreclosure sales, recently signed a 10-year lease for 32,000 sf at 1 S. Wacker Dr.
Gross lease rates at 33 N. Dearborn St. start at $23 per sf, according to Black's Guide, about 15% less than the annualized rate the building has been generating for Vornado Realty Trust, according to its most recent financial report. The building was one of three assets Vornado Realty Trust had in Chicago, and the sale reduces the REIT's holdings here to less than five million sf. It owns the 3.4-million-sf Merchandise Mart as well as the 1.2-million-sf 350 West Mart Center.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
