Old Orchard Towers go on sale
Developers have completed a renovation of Old Orchard Towers and are now offering the property to the highest bidder.
The 350,000 square foot property was bought by Lowe Enterprises in December 2004 and underwent a complete renovation.
The Los Angeles-based investment company has been actively purchasing properties around the Chicago region.
Lowe purchased the Orrington Plaza tower in 2006, and has just completed the sale of a hotel near O’Hare airport.
The buildings are located at 5202-5250 Old Orchard Road. Occupancy at Old Orchard Towers is currently at about 75 percent. With rents for office space increasing around the city, the towers should sell for a hefty profit.
Many developers and investors are moving their focus away from new condo developments in the city. The market for Chicago Condos is going through a difficult period.
Demand is down and the supply of condos for sale is staying on the market longer. During the second quarter, sales of condos in the area dropped by more than 5 percent.
Problems in the credit market have made it difficult for many buyers to qualify for a mortgage. Banks and lenders have been hard hit by subprime loans that have resulted in foreclosures.
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