Located at 55 East Washington Street, the 38-story Pittsfield Center was Chicago's tallest building at the time of its completion, and provides adequate space for 450?- 558 all-new student housing beds in one of Chicago's most recognizable architectural landmark buildings. Additional space is still available for fall of 2008 occupancy.

"Demand for student housing in Chicago's central business district is exploding. With enrollment levels at most of Chicago's colleges and universities increasing, many schools cannot meet the demand for suitable student housing. At present, there is 100 percent occupancy in the existing downtown student housing inventory, with limited new supply anticipated to deliver in the foreseeable future," said Matthew A. Ward, Senior Vice President, The Alter Group.

The student housing market is popular with investors, who rely on rising college enrollments to increase demand for residences. Because downtown Chicago is home to more than 52,000 college students, demand for beds is strong.

The Alter Group has created several sample room configurations, which provide 10-foot-ceilings; central HVAC; operable windows; and upscale bathroom and kitchen finishes. Because The Alter Group is renovating the Pittsfield Center, users and investors can enjoy pricing efficiencies that are not possible in ground-up developments.

Tiffany Winne of Studley, represented Roosevelt University in the transaction.

Matthew Ward and Bryan Farquhar, Associate, The Alter Group, represented ownership and all transactions, and leasing opportunities currently available at Fornelli Hall.

Built in 1927 and named a Chicago architectural landmark during 2002, the 392,647 SF Pittsfield Building was designed by the renowned firm of Graham, Anderson, Probst & White. The city's tallest building at the time of completion, the building combines Art Deco and Gothic detailing and is a creative response to Chicago's 1923 zoning ordinance that encouraged skyscrapers be designed with setback towers. The building interior features a five-story atrium embellished by blowing marbles, gleaming brasses and carvings in the Spanish Gothic style.

The Alter Group is a national corporate real estate development firm with five vertically integrated affiliate companies. Each offers specialized services including office and industrial development, healthcare-facility development, construction and property management.

The Alter Group, founded by William A. Alter in 1955, has developed close to 100,000,000 SF of speculative projects for its own portfolio and build-to-suit facilities for corporate users. This year, the company has 6,700,000 SF of space, worth $758,000,000, under development in national markets.

The firm was recently ranked # 5 in the National Real Estate Investor survey of America's top office developers.