CHICAGO—Brijus Capital LLC has purchased two buildings along West Erie in the River North area from Portland, Ore.-based Aspen Capital for a reported $8.5 million.
Aspen had previously acquired the note on the properties at 357 and 363 W. Erie. Steven Levin, president of Brijus, said his firm plans extensive improvements to the 115,000-sq.ft. loft office buildings. The renovations will include the conversion of the existing loading area into a new entry with a glass façade and canopy, a dramatic new building lobby, new passenger elevators, and updated life safety and mechanical systems.
“This was a unique opportunity for us to purchase two great properties with incredible potential in the city’s hottest submarket,” said Levin in a statement. “River North office buildings that can offer a single user plug and play space with a block this large are very limited in supply.”
Brijus has hired Bradford Allen Realty Services as the exclusive leasing agent and property manager for the buildings. “The property will not remain at 50% leased for long with the significant changes Brijus has planned,” said Jeffrey Bernstein, principal and co-founder of Bradford Allen.
Construction at 363 W. Erie is expected to begin in early June with an anticipated completion in the fourth quarter of 2013. Von Weise Associates is providing the architectural services for the renovation.