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Deitcher, Sterling Buy 108,000-SF CHA Office

CHICAGO-The Deitcher Group and Sterling Bay Cos. acquire the building for $7.7 million, and plan to renovate the lobby and common areas.

By Gina Kenny | Updated on January 09, 2008

CHICAGO-A joint venture between the Deitcher Group and Sterling Bay Cos., both based here, has acquired 626 W. Jackson Blvd. The Chicago Housing Authority sold the 107,977-sf loft office building to the joint venture for $7.7 million, says Menahem Deitcher, principal with Deitcher Group. The building is completely vacant, Deitcher tells GlobeSt.com.

The Chicago Housing Authority (CHA) had used the eight-story building as its headquarters until it relocated last summer to 60 E. Van Buren. Sean Reynolds with the Staubach Co. represented CHA. The joint venture partners represented themselves.

The joint venture plans a long-term hold for the property, Deitcher says. “We believe the West Loop is an office market that is only getting stronger in the years to come,” he says. “And, the West Loop has always been the strongest market.”

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