CHICAGO—Last December, LM Value Investors, LLC, a Chicago-area real estate investment fund managed by LM Commercial Development, set their sights on reviving an office building in the struggling office market just over the state line in Northwest Indiana. That month, the fund purchased The Crossings of Schererville, an 115,443-square-foot structure in Schererville, IN, from Fifth Third Bank, which had acquired it through foreclosure two years earlier.

And they have just secured four new leases with a total of 30,160-square-feet from a law firm, an accounting firm, and two health care companies. They are:

• O'Neill McFadden & Willett, LLP, a boutique law firm focusing on litigation. The firm leased 10,048-square-feet and relocated from nearby Dyer, IN.
• Clifton-Larson-Allen, LLP, one of the nation's largest accounting firms leased 4,064-square-feet and moved from a nearby Schererville location.
• Help at Home, Inc., a home care agency, consolidated from several locations in Merrillville, IN and expanded by 1,500-square-feet—to 10,652-square-feet. The company has 20 locations in Indiana, with 500 employees who work out in the field providing home health services.
• Northwest Indiana Immediate Care, an urgent care provider with several locations in Northwest Indiana, leased 5,396-square-feet.

LMVI is renovating the building's lobby, mechanical systems, interior corridors, and main entrance, along with new exterior signage, landscaping and roofing. The building has a glass atrium that connects the two, four-story office sections. The construction plan includes adding interior finishes, such as carpeting, artwork, and lighting, to help create a cohesive look throughout the two office sections, which were built at different times during the 1970s and 1980s.

The ultimate success of LMVI's venture could depend on how well the area's economy recovers. Indiana University Northwest economics professor Micah Pollak recently told The Times of Northwest Indiana that “Northwest Indiana had about 290,000 jobs before the Great Recession, but hit a low point of 250,000 jobs during the downturn. About 60 to 65 percent of the jobs that were lost have come back as the economy improved, but the region still needs to add 10,000 to 15,000 more jobs to reach pre-recession levels.”