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Key Points
Goldman Sachs sold the 100,600-square-foot office building at 1400 North Kingsbury Street for just under $11.2 million, less than half of what the firm and R2 invested in the two-building site, which totaled about $50 million.
The property was purchased by a joint venture between Chicago developer R2 and local investor Peppercorn Capital.
The sale underscores the continued challenges in Chicago’s office sector, with elevated borrowing costs and soft investor demand hammering values, despite the building's recent occupancy lift to 73 percent after Core Spaces signed a 10-year lease.