Property Conversions
- Walton Street Capital LLC is reportedly close to a deal to acquire 55 East Monroe Street and may consider converting the top floors of the 50-story building into residential condos. According to sources, Golub & Co., a rival bidder for the 1.6-million-square-foot property, was also considering a residential play.
- A company led by Charles Everhardt has been approved by a bankruptcy judge to acquire the 301,541-square-foot building at 188 West Randolph Street for $10 million and expects to close the sale in 45 days. The developer reportedly plans to convert the property into apartments and condos.
- FIC Development Group acquired the Garland building, a 259,000-square-foot building at 111 North Wabash Avenue, and plans to convert it into office condos in the spring of 2006.
- D2 Realty LLC and Carnegie Realty Group LLC acquired 250 South Wacker Drive, a 16-story, 236,000-square-foot building, for a reported $16.8 million. The two developers plan to redevelop the property into office condos with prices between $220 and $270 per square foot.
- Winthrop Properties LLC plans a residential condo conversion of 104 South Michigan Avenua. Winthrop, an Evanston developer, acquired the 200,187-square-foot property late in 2004 for $22 million and sale prices for the 100 units will range from $300 per square foot to more than $600 per square foot.
Property Acquisitions
- Duke Realty Corporation announced the acquisition of a 1.4-million-square-foot office portfolio in Rosemont for $257 million from Simon Property Group Inc. The acquisition consists of three buildings totaling 877,000 Sq. Ft. at Riverway - 6133 North River Road; and 9377 and 9399 West Higgins Road - and two buildings totaling 517,000 Sq. Ft. at O'Hare International Center - 10255 and 10275 West Higgins Road.
- Orlando, Florida-based Estein & Associates USA Ltd. acquired a 50 percent interest in Citicorp Center from General Electric Co.'s pension fund. Estein paid $61.5 million for the 1.35-million-square-foot building at 500 West Madison Street in a deal that values the property at $370 million and approximately $30 million is being set aside to build out offices of new tenants and other expenses.
- Golub & Co. and Dublin, Ireland-based Quinlan Private announced the acquisition of 255 West Washington Street, a 471,792-square-foot building, for a reported $100 million.
- John Buck Co. closed on its acquisition of 155 North Wacker Drive for a reported $21 million. Chicago-based Brijus Properties LLC had owned the building and retains a small interest in the property. Plans call for the 226,457-square-foot tower to be torn down to make way for a new skyscraper.
Development
- The Chicago City Council officially granted approval for the mixed-use redevelopment of Block 37. The long-awaited project will include retail space, restaurants and entertainment venues, an underground Chicago Transit Authority station, and three towers containing offices, a hotel and resindential units.
- Itasca-based Hamilton Partners requested a zoning change to build an office building of approximately 50 stories and totaling at least 1.5 million square feet at 29 South LaSalle Street, replacing the existing 197,621-square-foot building. Plans call for the building to be attached to the existing 39 South LaSalle Street office property, which would reportedly be preserved as a boutique hotel.
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