Acquisition of Art Deco Building in Chicago


Real Estate/

Financial Services

Company Type

Real Estate Acquisition


Chicago, IL


$27 million

Investment Type



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Helping Great Companies Grow


Rebar Capital is seeking $27 million of preferred equity and debt to acquire a 126,000 SF, 24 story office building at 105 W. Madison in Chicago’s central business district (the Loop) – Rebar Capital will contribute $1 million of equity.

  • 97.5% occupancy
  • Built in 1928 and renovated in 2017 – designed by the architectural firm of Burnham and Burnham
  • Located at the corner of Madison and Clark – convenient to City Hall, Daley Center, Thompson Center, the County Building and LaSalle Street Financial District
  • No major Capex expected
  • Rents are 15-20% below-market – most turning in next five years
  • Rebar Capital specializes in commercial real estate investments and management
    • founded in 2011
    • led by Ken Mulford – 31 years in credit, securitization ($500+ billion in issuance), loan origination, and capital markets
Helping Great Companies Grow


  • Strong operating history
  • Charming art deco building with incredible natural light and views of Lake Michigan
  • Art deco canopy and stone carving bordering the windows
  • Little to no tenant concentration risk
  • Prime location at Madison and Clark
  • Property is adjacent to one of the busiest court complexes in the US
Helping Great Companies Grow


  • In year one, annualized rents rolling off amount to $437,442 (13.7% of current gross potential rent)
  • Company believes there is room to push rents as they roll, and remain below-market to maintain high occupancy rate
  • $3.8 million of recent capital improvements
    • remodeling of most offices
    • elevator modernization
    • new sprinkler system
    • new fire alarm system
    • common corridors, bathrooms
    • tuckpointing
    • new building automation system
Helping Great Companies Grow



Gene Staples,

Managing Member, Austin Affiliates LLC

CRE professional with over 20 years of industry experience. Primary focus is on value-add properties, emphasizing in-depth due diligence in property selection and extensive hands on management practices. Hands-on management style, leveraging economies of scale among projects and developing aggressive local marketing plans tailored specifically to each property, driving occupancy, minimizing expenses, and maximizing investor returns. Currently oversees a regional real estate portfolio that consists of over 500,000 SF of office-industrial space in the Greater Chicago/Northern Illinois area, re-development of a substantial urban infill project which when completed will contain over 150 new multi-family units and 30,000 SF of flex space, in addition to providing consulting services to the wireless telecommunications industry. Additional consulting experience:

  • Exelon Corporation as Senior Member of the Real Estate department at, one of the Nation’s largest electrical utilities, where he was in charge of infrastructure access and asset management
  • Dynis Inc. as Regional Director of Real Estate and Operations contract work for AT&T Wireless
  • Nextel Communications as Senior Project Manager for Real Estate & Network Development
  • 10Sixty Telecom Solutions as V.P. of Engineering-Real Estate

Ken Mulford, CFA


31 years of experience in credit, securitization ($500+ billion in issuance), loan origination, and capital markets. EVP: mortgage companies, investment banks. Managed bank financing relationships with over $13 billion of exposure at peak. Master’s: Columbia University in the City of New York (1992), President’s Fellow; Bachelor’s: College of Wooster (Wooster, Ohio) (1985), Honors


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Hi. We're not around right now. But you can send us an email and we'll get back to you, asap.

Thanks, Ken

Ken Margolis | Managing Partner Castle Placement, LLC
1460 Broadway Street, Rte 400
New York, New York 10036
(212) 418-1188 | C: (516) 712-7784


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