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Johnson Publishing building to become apartments after $10 million sale

Chicago Tribune
Ryan Ori
November 29th, 2017

The former Johnson Publishing headquarters, the longtime home of Ebony and Jet magazines, is getting a new title: apartment  building.

Developer 3L Real Estate has paid more than $10 million for the 11-story office building on South Michigan Avenue, with plans to invest about $20 million more converting it into 150 apartments, 3L Real Estate CEO Joe Slezak said. He declined to say the exact price.

The early 1970s building at 820 S. Michigan Ave., which was recently designated a Chicago landmark, will maintain the iconic Ebony and Jet sign on its top, he said.

Those magazine titles made Johnson Publishing the country’s most influential African-American publisher, before the company’s struggles in recent years.

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3L Real Estate To Spend Up To $20M Turning The Johnson Publishing Building Into Apartments

Bisnow Chicago
Chuck Sudo
November 29, 2017

The Johnson Publishing Building, once home to the legendary black-owned Ebony and Jet magazines, has a new lease on life as apartments. 3L Real Estate bought the landmarked building from Columbia College Chicago for $10M and plans to invest another $15M to $20M converting the 11-story office building into apartments. CEO Joseph Slezak said 3L will build 150 apartments, most of them studios and one-bedroom units. The building was designed in 1971 by John Warren Moutoussamy, who studied under Mies van der Rohe, and is the only downtown building designed by an African-American. Slezak said the iconic Ebony/Jet sign atop the building will remain. Rents will range between $1,200/month for a studio to $2,700/month for one of the handful of two-bedroom units planned.

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New owner of Johnson Publishing building eyes nearby property

After buying the landmark Johnson Publishing headquarters building from Columbia College, local developer 3L Real Estate is already cooking up its next big deal with the South Loop school.

3L has agreed to buy a 343-bed student housing complex at 731 S. Plymouth Court from Columbia, confirmed 3L CEO Joe Slezak. The firm may keep running the property as a student residence or convert it into traditional apartments, he said.

3L is working on the Plymouth Court acquisition as it pushes ahead with its plan to convert the 11-story Johnson Publishing building into 150 apartments. The property at 820 S. Michigan Ave. has been vacant since the publisher of Ebony and Jet magazines moved out in 2012, and Columbia put it up for sale last year after deciding it didn’t need the building for an expansion.

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Johnson Publishing Building Has New Owners

PRESS RELEASE

Plans to Preserve Chicago Landmark Include Creating Rental Apartments and New Retail Space   

Chicago (November 28, 2017) – Excited to adapt a Chicago landmark as housing that is affordable to the burgeoning population of the South Loop, 3L Real Estate, a leading developer of vintage residential properties, announced today it has acquired the former headquarters of Johnson Publishing at 820 South Michigan.  3L plans to transform the 46-year-old office building into 150 affordably priced rental apartments while maintaining the historic character of the building, including the maintaining of its iconic sign. Site development will begin immediately with the adaptive reuse work expected to start in early 2018.

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The hottest neighborhood you've never heard of

CRAIN’S CHICAGO BUSINESS
By, DANNY ECKER
August 26th, 2017

Milan Rubenstein was nervous when he spent $19 million on a slew of mostly vacant properties on the Near South Side three years ago. Historic Motor Row on South Michigan Avenue and the area surrounding the McCormick Place convention center were so plagued by developmental false starts that even a new CTA train stop, 10,387-seat arena, 40-story hotel and a vow from the city of Chicago to transform the neighborhood into an entertainment district were no guarantee that his big bet would pay off.

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In Adaptive Reuse, The Risks (And There Are Many) Are Worth The Reward

Bisnow Chicago
Chuck Sudo
July 27, 2017

Adaptive reuse of older real estate comes with more inherent risks than the ground-up variety. And the panelists at our Chicago repositioning and adaptive reuse event at the Loews Chicago Hotel yesterday said they would not have it any other way.

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3L Real Estate Closes on Wells Fargo Bank Building

PRESS RELEASE

(Milwaukee, WI – May 19, 2017) Adding to the vibrancy of a thriving urban center, 3L Real Estate today announced its purchase and planned renovation of the 12 story building at 735 West Wisconsin Avenue. The building will be converted into a residential building, complete with amenities that are sought after by the growing market of renters who value the attractions and vibrancy of city centers.

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Chicago firm buys West Wisconsin Avenue office building

BIZTIMES.COM
by May 19, 2017, 10:30 AM

(Milwaukee, WI – May 19, 2017) Adding to the vibrancy of a thriving urban center, 3L Real Estate today announced its purchase and planned renovation of the 12 story building at 735 West Wisconsin Avenue. The building will be converted into a residential building, complete with amenities that are sought after by the growing market of renters who value the attractions and vibrancy of city centers.

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New owner to convert office building on downtown Milwaukee's west side to apartments

Milwaukee Journal Sentinel
By Tom Daykin
Published 10:48 a.m. CT May 19, 2017

An underused office building on downtown’s west side will be converted into nearly 150 apartments, the latest in a series of similar nearby projects.

The 12-story building, at 735 W. Wisconsin Ave., has been sold to Rosemont, Ill.-based 3L Real Estate, the firm announced Friday.

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Developer plans 110 apartments near McCormick Place

CRAINS CHICAGO BUSINESS
By, ALBY GALLUN
October 03, 2016

 

Another developer is diving into the neighborhood around McCormick Place, buying an empty warehouse near the convention center that it plans to convert into 110 apartments. 3L Real Estate has acquired the five-story vintage building at 57 E. 21st St., betting that the city’s push to reinvigorate the neighborhood will attract more people who want to live there.

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South Loop Loft To Be Converted Into Apartments

DNA INFO
By, David Matthews
October 03, 2016

More apartments are on deck in the South Loop, where a developer plans to convert a Motor Row loft to more than 100 apartments. A venture led by Chicago-based 3L Real Estate on Friday bought the five-story warehouse at 57 E. 21st St., with plans to spend $10 million on the apartment conversion, 3L chief Joseph Slezak said.

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3L Real Estate Closes on Second Big Chicago Buy

Chicago-Based Developer to Restore South Loop Yellow Cab Building
October 3, 2016
PRESS RELEASE

Long an anchor building when the near south side was the city’s iconic Motor Row District, the former Yellow Cab building is destined for a new life as a home for people instead of cars. 3L Real Estate, a relatively new entrant in Chicago’s real estate market, has announced their purchase of the building and plans to transform the 80,000 square foot warehouse into a quality residential living space to accommodate the growing market for near-downtown living.

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Former U. of C. Dorms Reopen, Now Renting As Studio Apartments

DNA INFO
By Sam Cholke
August 19, 2016

The university closed Broadview, Blackstone and Maclean halls in June with students moving to the new Campus North Residence Hall in the fall, and the new owner 3L Real Estate has now reopened the buildings as mostly studio apartments.

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University of Chicago Sells Hyde Park Dorms

CRAINS CHICAGO BUSINESS
By, ALBY GALLUN
July 18, 2016

The University of Chicago continues to unload student housing, selling three buildings near its Hyde Park campus as it seeks buyers for more. 3L Real Estate, a Chicago real estate investment firm, said it has acquired the three residence halls totaling 391 units from the university, 3L’s first acquisitions since it was founded last year.

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New Chicago-Based Developer Purchases Three Buildings in U of C Portfolio

New Chicago-Based Developer Purchases Three Buildings in U of C Portfolio
July 13, 2016
PRESS RELEASE

Three newly acquired residential structures previously owned by the University of Chicago, will now provide affordable, well-appointed living space to Hyde Park renters. In a purchase finalized late last week, 3L Real Estate is stepping in to create Hyde Park Places a three-building collection along Hyde Park Boulevard, Blackstone and Ingleside Avenues for the students and emerging professionals drawn to this vibrant urban climate.