Chicago
Closed Hotel to be Reintroduced to Market as Le Meridien Chicago at Oak Brook
A shuttered Renaissance-branded hotel next to the Oakbrook Center shopping center in Chicago’s Oak Brook suburb will reopen in early 2014 under the Le Meridien flag. The announcement was made last week by Starwood Hotels & Resorts Worldwide, Inc., who teamed up with real estate investment firm RockBridge Partners of Columbus, OH, to transform the closed facility into an upscale hotel for both business and leisure travelers.
JV Picks Up 1 MSF Chicago Office Tower in $350M Sale-Leaseback
In what’s being touted by industry leaders as Chicago’s largest office sale in 2012, the 1 million-square-foot office building at 540 W. Madison St. came under new ownership in a $350 million sale-leaseback transaction.
Transwestern Brokers Sale of Oak Creek Center Office Portfolio
Transwestern’s Chicago office recently announced that it has brokered, on behalf of KBS Realty Advisors, the sale of the Oak Creek Center office portfolio in Lombard, Ill. A joint venture between Investcorp and Golub acquired the 427,161-square-foot office portfolio for $39.5 million.
Capital One Set to Open New Office Space in Chicago’s Loop
Capital One Financial Corporation will open a new office space in the Chicago’s central business district, the Loop, the announcement came from the company and Chicago Mayor Rahm Emanuel. Capital One will sublease around 65,000 square feet of office space in the building owned by State Teachers Retirement System of Ohio, located at 77 West Wacker Drive.
Morguard Corp. Acquires LEED Gold M-F Complex in Chicago for $300M
Morguard Corp., an Ontario-based investor, agreed to purchase Alta at K Station, an 848-unit multi-family complex in Chicago’s West Loop, for $300 million, with the acquisition expected to close at the end of December.
Retail Properties of America Inc. Sells Aon Hewitt Property; Walgreens Opens Store in Restored Noel State Bank Building
Retail Properties of America Inc. has announced the sale of the Aon Hewitt Property. Located in Lincolnshire, Ill. at 4 Overlook Point, the 818,686-square-foot office property is fully leased to Aon Corporation. The six-story office building is situated around 31 miles north of Chicago and was sold for $148 million to an undisclosed buyer.
New York Investors Buying Up Prime Office Properties in Downtown Chicago
A venture led by Michael Silberberg of Nanuet, N.Y.-based Berkley Properties LLC has agreed to buy the downtown Chicago Bank of America Building for $97 million.
AFL-CIO BIT Announces Investment in Wolf Point Development; Developer Smoothes Infrastructure Details
The AFL-CIO Building Investment Trust recently announced an investment in the proposed Wolf Point Development. The BIT joins Hines, Kennedy Enterprises and the Magellan Development Group in an effort to revitalize the long-stagnating site along Chicago’s river, one of the last prime undeveloped pieces of land around downtown Chicago.
Sterling Organization Acquires Hoffman Plaza Shopping Center
Palm Beach, Fla.-based Sterling Organization recently announced the acquisition of Hoffman Plaza—a 168,342-square-foot shopping center located in Hoffman Estates. The property was purchased for $14.15 million through the company’s institutional fund, Sterling Value Add Partners.
Nokia to Relocate Itasca Division to Chicago
Nokia confirmed its commitment to Chicago by announcing, together with Mayor Rahm Emanuel, the relocation of its Mobile Phones Xpress Internet Services group from Itasca to Chicago. Nokia’s largest office in North America is already located in Chicago and houses approximately 1,200 employees.