Chicago
Alliance Picks Up Chicago’s Burnham Center for $95M
Alliance Partners has acquired downtown Chicago’s 580,000-square-foot Burnham Center office building from Harbor Group International for $94.6 million.
Omni Obtains $250M in Financing for Three Hotels
Omni Hotels Corp. has gotten its hands on a total of $250 million in financing for a group of three properties encompassing the Omni Fort Worth, Omni Houston and Omni Chicago.
Loews Hotels & Resorts Breaks Ground on 400-Room Hotel
Loews Hotels & Resorts recently held a groundbreaking ceremony on the site where the company will open the Loews Chicago Hotel in 2015. Company officials, including Chairman Jonathan M. Tisch and President and CEO Paul Whetsell, were joined by Donald R. Wilson, Jr., founder and CEO of DRW Trading Group and Mayor of Chicago Rahm Emanuel at the ceremony.
Duke Realty Corporation Expands Portfolio in Chicago with Purchase of 288,000 SF Industrial Building
Duke Realty Corporation recently announced the acquisition of 335 W. Crossroads, a 288,000-square-foot industrial building in the I-55 submarket, which is Chicago’s second largest industrial market. The real estate investment trust, which specializes in the ownership, management and development of bulk industrial facilities, also announced it has leased 190,080 square feet in the building to RTC Industries.
Construction Begins on 45-Story West Loop Office Tower
Chicago’s largest commercial real estate project in five years kicked off on January 15 in a $400 million joint venture between Canada-based Ivanhoé Cambridge—the real estate arm of Quebec pension fund manager Caisse de dépôt et placement du Québec, developer Hines of Houston and local business leader Larry Levy.
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.