ChicagoBooth - University of Chicago's Business School

THE CHALLENGE:
• Steadily growing demand for student housing downtown
• Building had to be located within very specific and tight geographic area
• Michigan Avenue address was a key criteria
• Considering approximately 175,000 square feet
• Few properties were listed for sale

THE APPROACH:
• The search focused on uncovering "hidden" opportunities or buildings that
  were not on the market but that the owners might consider selling

THE RESULTS:
• Identified/uncovered eight potential building alternatives none of which were
  being marketed
• Properties identified "fit" the University's image, have a floor plate that could be
  converted to housing, and have a Michigan Avenue address
• One of the most viable properties is in foreclosure but could be for sale within
  the next few months
• A university is the most likely buyer and would be the rare entity that could get
   it financed
• Pricing will reflect the small market of buyers and minimal competition