CHICAGO – Aries Capital is pleased to announce the sale of a 4,700 square foot vacant land site adjacent to the Chicago Motor Club building. Aries Capital secured ownership of the vacant land and the building at 68 E. Wacker Place last year. The vacant land was recently sold to a private hotel real estate company. The transaction closed on August 30, 2012. Aries Capital plans to market the Chicago Motor Club building.

The Chicago Motor Club building, built in 1928, is a 15-story, 89,000 square foot Art Deco structure designed by Holabird & Root. Located on historic Ft. Dearborn in Chicago, it is rich with history and is an architecturally significant building amongst the downtown landscape. Since purchasing the building and vacant land last year, Aries Capital has positioned the building for sale and redevelopment. The structure boasts a dramatic three-story lobby and features numerous Art Deco fixtures and elements throughout. It is eligible for historic tax credits and the City of Chicago’s landmark Class L property tax reduction.

“By selling the vacant land next to the Chicago Motor Club building, we are now able to bring this historic asset and opportunity to the market unencumbered,” said Neil Freeman, Chairman and CEO of Aries Capital. “This will open the door for a variety of potential investors and buyers that are interested in redeveloping just the building. It’s a chance to preserve the past while defining the future. We’re already receiving expressions of interest.”

In the sale of the vacant land, Aries Capital was represented by Andrew Wilson, the firm’s vice president. Paul Faver of JB Real Estate Investment Group advised Aries Capital on the transaction and is advising the firm on the Chicago Motor Club building.