Chicago Office Condominium Frequently Asked Questions

Q: What exactly is an office condominium?

An office condominium is a unit located within a larger office building that has been converted to a condominium pursuant to applicable state law. Each individual or business owns and operates its condominium unit in fee. Each condo has its own real estate tax identification number, and each unit owner is responsible for paying all real estate taxes assessed to the unit. As with residential condominiums, common spaces such as the lobby, hallways and elevators are owned as tenants-in-common with the other unit owners.

Q: Can I rent my office condominium?

Yes, although there are a few stipulations and regulations, which can be found in the condominium documents and rules and regulations for The Gage Building.

Q: Who manages the building and responds
to maintenance issues?

M&J Wilkow, an established professional management firm, manages the building's common areas and infrastructure. There is a condo association that oversees the management company, and dues to the association are based on a percentage interest schedule attached to the condominium declaration. Of course, individual office condo owners are responsible for maintaining the confines of their own space and can arrange for janitorial and maintenance services through the management company.

Q: How much are maintenance fees for office condos?

Maintenance fees are paid monthly and are based on the percentage of ownership for each unit in the building. In general, fees are set after consideration of a budget and capital improvement plan that the management firm periodically develops and presents to the association.

Q: Is there a reserve fund for the office condo building?

At the end of 2007, the building established a reserve fund when the first owners closed on their units, and it is currently being funded through the monthly assessments. Given that the building has already undergone extensive renovations, it is the developer's belief that the building is well capitalized for anticipated maintenance in the near term. The developer and the management company are happy to share budget and capital improvement plans.

Q: Once I buy my office condo, are there restrictions on selling it?

Currently, there are no restrictions on office condo sales. You can solicit input from a commercial real estate professional to help you market your office condo, and you may negotiate commissions with that individual. You may also sell your office condo directly to another business owner or investor in a private transaction.