Chicago Streeterville Office Eyed for Housing Flip
Pelouze Building Sold for Apartment Conversion Marking a sharp shift in Streeterville's redevelopment market, the historic Pelouze Building at 230 E. Ohio Street traded for $9.75 million in October 2025, according to property records and CoStar data. Horizon Realty Group sold the 1917 loft office building to affiliates of Wildwood Investments about one year after acquiring it for roughly $5.6 million. The markup underscored demand for office-to-apartment deals as Chicago posts strong rent growth and limited new supply. Similar investor appetite has been visible in markets shaped by limited new supply and scarce inventory. Pivot Signals Pressure Designed by Alfred Alschuler, the seven-story property carries historic preservation significance through ties to William Nelson Pelouze and later to Mies van der Rohe's office. Before closing, Horizon completed interior demolition and tenant relocation, creating a cleaner handoff. DX-12 zoning also allowed residential conversion by-rig...