One North State - Chicago, IL

In November 2024, PrivCap Holdings acquired the historic One North State office building in Chicago's Loop district. This 16-story, 560,735-square-foot property, originally constructed in 1912, had undergone $36.5 million in renovations under previous ownership, including the addition of a rooftop deck and a tenant lounge. Despite these upgrades, the building faced significant vacancy challenges, with over 58% of its office space unoccupied at the time of sale. The acquisition reflects PrivCap’s strong belief in the return to office momentum in a strategic move to capitalize on the building's prime location and recent enhancements at a heavily discounted mark to market, aiming to revitalize the property in a creative and progressive manner and attract new tenants in a recovering downtown office market.