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Key Points
Marc Calabria's venture acquired the historic 401 South State Street building in Chicago for $4.2 million, a significant discount from its 2016 price of $68.1 million.
The 1891 building, designed by architect William Le Baron Jenney, was formerly a Sears, Roebuck & Co department store and later occupied by Robert Morris University.
Calabria's plans for the building are unclear, but his involvement in a nearby project to convert the Clark Adams Building into approximately 400 apartments suggests a potential residential conversion for 401 South State Street as part of Chicago's initiative for affordable housing in the Loop.