Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of the third and fourth floors of the Museum of Broadcast Communications (MBC) building, located at 360 N. State St. in Chicago’s River North neighborhood. After over 20 property tours and multiple competing offers, floors three and four sold for $6 million. The buyer plans to renovate and reposition the property.
Kyle A. Stengle, senior vice president – investments, and Stephen Lieberman, first vice president – investments, in Marcus & Millichap’s Chicago Downtown office exclusively marketed the property on behalf of the museum Fern Hill Co., a privately held real estate development and investment firm in Chicago.
360 N. State St. is a four-story mixed-use condo building totaling approximately 54,000 rentable square feet. Until the sale, the property’s upper three floors were utilized by the MBC, which will now occupy the second floor.
“At this time, the museum has more square footage than necessary to meet its future needs,” said David Plier, vice president and secretary of the MBC board. “The sale will improve the future educational and entertainment experience for our patrons.”
The ground floor, which was not part of the sale, is occupied by restaurant STK Chicago.
The third floor totals 13,315 rentable square feet, with 12-foot ceilings throughout. The fourth floor totals 14,195 rentable square feet and has 22-foot ceilings and a large 28-foot, open-air private balcony suitable for entertainment use.
“This is an outstanding location – it’s in the heart of River North and right next to the House of Blues, so it lends itself to many uses including entertainment,” said Stengle. “The fourth-floor ceiling heights and the exclusive balcony gives it great potential.”
The vibrant River North neighborhood, located just north of the Chicago CBD, is one of the tightest office submarkets in Chicago. It includes world-class restaurants, boutiques and art galleries, and its proximity to the Loop, public transit and other amenities have attracted a large number of young professionals to the neighborhood’s residential offerings.
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
About The Museum of Broadcast Communications
The Museum of Broadcast Communications (MBC) collects, preserves and presents historic and contemporary radio and television content as well as educates, informs and entertains the public through its archives, public programs, screenings, exhibits, publications and online access to its resources. The museum was founded in 1982 by Chicago broadcaster Bruce DuMont.
Marcus & Millichap brokered the $6 million sale of the third and fourth floors of the Museum of Broadcast Communications building at 360 N. State St. in Chicago’s River North neighborhood.