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The LaSalle Atrium Building
401 South LaSalle Street, Chicago, Illinois
| RN Realty was retained by a local investment group who acquired a quasi Class A fully rehabilitated Chicago Loop office building from a national lending institution. The building at the time was plagued by a 60% vacancy rate. We immediately instituted a leasing program and retained an effective leasing team. Within twelve months we raised occupancy to 85% and shortly thereafter to 98%. In doing so, we were able to secure good lease collateral while keeping tenant improvement costs to a minimum. Additionally, we were able to steadily raise rental rates in the building. Upon stabilization we negotiated new mortgage financing on the property. |
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Riverworks - Chicago Office and R&D Complex
900 N Northbranch, Chicago, Illinois
| RN Realty was retained to manage and assist in the transition from the contractor/developer to the property’s lead tenant, Sara Lee Bakery, in this 175,000 s.f. Office and Research & Development project. Sara Lee Bakery subsequently relocated out of state and the property was sold to an institutional owner. |
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330 Building
330 S Wells, Chicago, Illinois
| A vintage 120,000 s.f. Chicago Loop office building was acquired by passive investors. Following acquisition it’s occupancy was increased by 80% and operating costs significantly reduced. RN Realty also coordinated the modernization of the building’s three passenger elevators including the installation and engineering of new electronic controls, doors and cabs. Additionally, a window replacement project was implemented and completed soon thereafter. |
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Old Colony Building
407 S Dearborn Street, Chicago, Illinois
| Retained by a passive investor group, RN Realty negotiated the favorable acquisition and financing of this 150,000 square foot downtown Chicago office building. Through an aggressive leasing program, occupancy was raised from 50% to over 85%, whereupon new mortgage financing was placed on the property. |
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417 South Dearborn
417 S Dearborn, Chicago, Illinois
| RN Realty was retained by a life insurance company to manage, lease and dispose of a C class downtown office building. Within rather tight budgetary constraints we implemented limited but extremely visible building improvements, e.g. lobby refinishing, elevator redecorating, etc., as well as resolved certain tenant disputes and delinquency matters. Additionally, we developed a marketing strategy and within five months brought occupancy up to 85%. All these leases contained some form of credit enhancement either by way of increased security deposits and/or personal guarantees. Additionally, our risk management was particularly sensitive thus minimizing tenant improvement costs on marginal tenants. We were successful in disposing of the asset at a price most satisfactory to the institution. |
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Bank of America (Formerly Zainy Brainy)
2163 North Clybourn, Chicago, IL
| A 20,000 s.f. parcel was assembled and a 10,000 s.f. building redeveloped for a national specialty toy store retailer. Following the tenant filing for bankruptcy, the property was then redeveloped and a long term lease with Bank of America signed. The property was subsequently sold following the Bank of America lease commencement. |
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Library Plaza Retail Center
Des Plaines, Illinois
| A newly constructed strip shopping center constructed as part of a $50 million City revitalization project which included a new public library and parking garage for 305 cars was acquired in January 2001. The properties lease was stabilized at 100% and subsequently sold yielding an extremely positive investment return. |
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Bed Bath & Beyond
215 Harlem Ave., Forest Park, IL
| A prime urban retail parcel was acquired and redeveloped for a single user Bed Bath & Beyond store. The project was completed on schedule exceeding prior profit forecasts. |
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