Inland Real Estate Auctions to Auction James Igoe Building in Chicago

Inland Real Estate Auctions, Inc. announced today it will auction Chicago’s Igoe Building, 600 W. Van Buren St. The 285,000-square-foot loft office building will be auctioned as part of a live auction event at the Midwest Commercial Real Estate Summit, to be held Aug. 14 at the Hilton Chicago.
Named for James T. Igoe, a former U.S. representative who served as Chicago’s city clerk from 1917 to 1923 and later as chairman of the executive committee of Chicago Mercantile Bank, the building is located at 600 W. Van Buren St. in Chicago’s West Loop, just a block from Interstate-90/94 and public transportation. The vintage building, originally constructed in 1928, has been updated throughout the years and is currently undergoing another renovation.
“Properties like this don’t come to auction very often,” said Frank Diliberto, president and CEO of Inland Real Estate Auctions. “This is a first-rate property in a prime West Loop location offering an ideal set of circumstances for any kind of buyer – good income and immediate development upside. When dealing with these kinds of unique properties, the auction process provides an effective marketing tool to attract buyers down the street or across the country.”
With 34,000 square feet of land area, the building offers 225 feet of frontage on the west side of South Jefferson Street and 150 feet of frontage on West Van Buren Street. Parking spaces are available and tenants can lease space in a lot directly north of the property. The building is zoned for office, commercial, public, institutional and residential use with an optimal floor-area ratio. With 31 tenants, the property is 70 percent leased and currently produces $1.6 million in annual income.

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