T
he Primera Group and Marc Calabria have acquired the office portion of Chicago's Clark Adams Building from a venture led by Old National Bank for $11 million, or $33 per square foot. The purchase includes 330,000 square feet of space, spanning floors 1-2 and 11-41, excluding the separately owned Club Quarters hotel. Primera Group aims to convert the historic building into a primarily residential property with a focus on affordable rental units.

    The company is exploring public funding options to support the conversion, which was a crucial step in previous redevelopment plans that stalled due to financing issues. A previous partnership between Celadon Partners and Blackwood Group had proposed transforming the office building into 247 apartments, but their $60 million TIF subsidy request through the LaSalle Street Reimagined initiative faced challenges.

    Old National foreclosed on the property earlier this year after a predecessor bank sued the former owner for failing to make mortgage payments. The sale represents a loss for Old National, which had initially listed the building for sale after previous redevelopment plans fell through. Mayor Brandon Johnson's administration has pledged $151 million in TIF funds for office-to-residential conversions that could result in over 1,000 new apartments.