Keep an eye on low- and mid-rise office towers this year. That's likely where the investor demand for acquisitions will be centered. Case in point: Alvarez & Marsal are the new owners of 205 West Randolph.

The New York-based firm paid $28.7M for the 23-story building, and believes there's room to increase the yield. 205 West Randolph is a Class-C structure, which lends itself well to adaptive reuse and attracting tenants looking for a unique space, Crain's reports.

With most of the Class-A buildings changing hands the past two years, investors have checked down to the value-add sectors where they see plenty of runway to increase rent spreads in a strong office leasing market, or to repurpose these smaller buildings into apartments or hotels. The seller, Farbman Group, paid $13M for the building in 2011. [Crain's]