Conlon Venture Buys 401 West Ontario

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Conlon Venture Buys 401 West Ontario

Press Release

CHICAGO, IL (July 30, 2015) – A venture led by Sean J. Conlon has acquired a River North loft building that will serve as the new headquarters for the developer’s various real estate interests.

The buyer, an affiliate of Conlon & Co., paid approximately $6.55 million.

It was represented in the transaction by David Goldberg, of CONLON Commercial, who is also a partner in the affiliate that purchased the property.
The 52,000-square-foot building at 401 W. Ontario St., near Ohio and Orleans streets, is the second River North property Mr. Conlon has snapped up in the last two weeks.

Previously, a venture led by Mr. Conlon and hedge fund owner Joe Scoby bought 605 N. Clark St., a 22,000-square-foot retail property that’s home to the popular Rainforest Café.

Messrs. Conlon and Scoby also teamed up with investors last December to buy a two-story property at 504-512 N. Wells St. The building is to be the home of Bottled Blonde, a pizzeria/craft beer concept.

Mr. Scoby is CEO of Achievement Asset Management. Prior to that he was one of the largest fund-to-fund managers in the globe at UBS AG where he managed a $65 billion portfolio.

The Ontario property, built in 1912, was originally a “cork and seal” warehouse and then later stored hardware supplies. It was completely gutted in the 1980s and turned into an office/retail property. The timber brick loft structure now houses a mix of nine retail and office tenants.
Mr. Conlon plans to substantially renovate the four-story building.

When completed it will serve as the new headquarters for his companies: Conlon & Co., a full-service real estate merchant bank, and the brokerages CONLON/Christie’s International Real Estate and CONLON Commercial. The businesses are now based in the West Loop.
The Ontario acquisition closed Thursday.