One West Superior – Still Living in the Good Old Days of Real Estate

It has recently been announced that the River North high rise One Superior Place (1 W. Superior) is for sale.

The owners, Brookfield Asset Management Inc., have not set an asking price, but Crain’s is reporting that Brookfield is hoping to put a $260 million price tag on the property.

In the current real estate market, where investors are snatching up empty properties for forty to seventy five cents on the dollar, a $260 million asking price seems high. But this 809 unit building is 98.8% occupied (according to Appraisal Research), which is probably what is putting those dollar signs in Brookfield’s eyes.

One Superior Place has always maintained notoriety. It’s the building everyone interested in living in River North always asks about, but lately has been passing on. This is because there is a plethora of new, condo-quality properties in River North with competitive pricing.

Lately our clients have been willing to give up the prime central location and tremendous amenities that One Superior Place offers, in favor of more modern and updated finishes, which One Superior Place’s units lack.

It will be interesting to see what will happen with this sale and if the new owners will invest the needed capital to ensure that One Superior Place remains a Class-A building for the long haul.

A Whole Foods in the building is nice, but granite, stainless steel and hardwood floors in unit seem to be trumping that these days.