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Stonewater Buys 1 N. State Offices for $30M

CHICAGO-The company is purchasing the 523,000 sf of office space in the 16-story building, which is currently 48% leased.

By Gina Kenny | Updated on May 15, 2007

CHICAGO-Stonewater Partners Inc. has purchased the office component of 1 N. State St. from Dallas-based Archon Group LP. The purchase is for the 523,000-sf office portion of the building. The first two floors of the building, which includes 151,861 sf of retail space, were not included in the sale. The retail portion of the building was sold by Archon to New York-based Madison Realty Management Corp. in 2004 in a $51-million deal.

The office portion of the building was reportedly sold for more than $30 million. Stonewater principal David Stade could not confirm the sales price and could not disclose a cap rate because the building is only 48% leased. “We are value-added investors so we look at it as a lease-up play in an improving Chicago market,” Spade says. There are currently five separate tenants in the building which are International Academy of Design and Technology, National Opinion Research, Hostway, Help at Home and Zipatoni. Transwestern will take over as property manager and JF McKinney will handle marketing and leasing for the building.

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