Suitmaker Sells West Loop HQ
A West Loop office building that was the subject of a recent lawsuit has changed hands. Missner Group acquired the Oxxford Clothes HQ at 1214-1220 West Van Buren. The firm is weighing its options about what to do with the asset, but is leaning toward converting the 115k SF building into loft offices.
Offices would be the most obvious play, Crain's reports. McDonald's planned move to the West Loop only heightened the neighborhood's status as Chicago's hottest tech office submarket. The building is a block away from the Forest Park Blue Line Halsted Street "L" station, which would make it attractive to workers taking public transit to their jobs, and overlooks the Eisenhower Expressway, meaning the façade facing traffic would be attractive for advertising.
R2 Cos had a bid on the property last year and even filed a $150k earnest-money deposit on a deal. R2 filed a lawsuit in May seeking the return of that deposit and $50k in damages, alleging Oxxford acted in bad faith when it agreed to sell the building. R2 moved on and bought 800 West Washington in a long-term, adaptive reuse play. [Crain's]