ESG Kullen made a $111 million offer for a 21-story lakefront condominium tower in the Gold Coast neighborhood in Chicago, with the intention to convert all 391 condos into apartments, Crain's Chicago Business reported, citing an unnamed person familiar with the deal.
Of the total, 310 condos are leased, while 57 units serve as primary residences, the report added, citing a CBRE brochure.
The property at 1400 N. Lake Shore Drive debuted in 1927 as the Touraine Hotel, before being converted for residential use.
A comment could not be attained from the property's broker, CBRE, and the New York investment firm, as per the June 6 article.
