{"id":1004035732,"date":"2012-01-12T06:49:07","date_gmt":"2012-01-12T14:49:07","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004035732"},"modified":"2022-12-05T07:54:23","modified_gmt":"2022-12-05T15:54:23","slug":"metlife-spends-125m-on-chicago-luxury-multi-family-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/metlife-spends-125m-on-chicago-luxury-multi-family-tower\/","title":{"rendered":"MetLife Spends $125M on Chicago Luxury Multi-Family Tower"},"content":{"rendered":"

January 12, 2012<\/strong>
\nBy Nicholas Ziegler, News Editor<\/em><\/p>\n

Amid a flurry of multi-family trades in Chicago in December 2011 \u2013 including Miami-based Crescent Heights\u2019 purchase of 1212 S. Michigan Ave. for $60 million<\/a> and L&B Realty Advisors\u2019 $90 million purchase of 77 W. Huron<\/a> \u2013 MetLife Inc. has bought EnV, a luxury high-rise tower, from LYND Development Partners. Crain\u2019s Chicago estimated the sale price at approximately $125 million.<\/p>\n

The development, situated in the city\u2019s River North neighborhood, was developed by LYND starting in 2008 and features 249 rental units in a LEED-certified building. MetLife, which was very active in the capital markets during 2011, originating $550 million in loans for San Francisco and Washington, D.C., office properties<\/a>, saw the EnV purchase as way to \u201cmanage each of our investments for the long term.\u201d<\/p>\n

\u201cEnV is an excellent fit for MetLife\u2019s real estate equity strategy of acquiring core properties in top-tier markets,\u201d Robert Merck, senior managing director and head of real estate investments for MetLife, said.<\/p>\n

The vacancy rate in the Chicago apartment market continues to fall, and is on track to drop to 4.6 percent for 2011, marking a decline of 100 basis points from 2010, according to a third quarter report from Marcus & Millichap Real Estate Investment Services. The city\u2019s outlook into 2012 appears to be strong as well, with total employment across the city increasing by 0.3 percent in the first half of 2011 as employers added 10,800 positions to their rolls \u2013 up strongly from the 1,500 jobs created in the previous six-month period.<\/p>\n

The Chicago office of CBRE Group Inc. brokered the sale on behalf of the seller.<\/p>\n","protected":false},"excerpt":{"rendered":"

Amid a flurry of multi-family trades in Chicago, MetLife has bought EnV, a luxury high-rise tower, from LYND Development Partners for an estimated $125 million.<\/p>\n","protected":false},"author":1201,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21781,21808,13,21742],"tags":[],"class_list":["post-1004035732","post","type-post","status-publish","format-standard","hentry","category-corporate-real-estate","category-featured","category-midwest","category-latest"],"acf":[],"yoast_head":"\nMetLife Spends $125M on Chicago Luxury Multi-Family Tower - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/metlife-spends-125m-on-chicago-luxury-multi-family-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MetLife Spends $125M on Chicago Luxury Multi-Family Tower\" \/>\n<meta property=\"og:description\" content=\"Amid a flurry of multi-family trades in Chicago, MetLife has bought EnV, a luxury high-rise tower, from LYND Development Partners for an estimated $125 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/metlife-spends-125m-on-chicago-luxury-multi-family-tower\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-01-12T14:49:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-05T15:54:23+00:00\" \/>\n<meta name=\"author\" content=\"Nicholas Ziegler\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/metlife-spends-125m-on-chicago-luxury-multi-family-tower\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/metlife-spends-125m-on-chicago-luxury-multi-family-tower\\\/\"},\"author\":{\"name\":\"Nicholas Ziegler\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/ff3a837f33daecfcf8978b405eaae20c\"},\"headline\":\"MetLife Spends $125M on Chicago Luxury Multi-Family Tower\",\"datePublished\":\"2012-01-12T14:49:07+00:00\",\"dateModified\":\"2022-12-05T15:54:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/metlife-spends-125m-on-chicago-luxury-multi-family-tower\\\/\"},\"wordCount\":264,\"commentCount\":0,\"articleSection\":[\"Corporate Real Estate\",\"Featured\",\"Midwest\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/metlife-spends-125m-on-chicago-luxury-multi-family-tower\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/metlife-spends-125m-on-chicago-luxury-multi-family-tower\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/metlife-spends-125m-on-chicago-luxury-multi-family-tower\\\/\",\"name\":\"MetLife Spends $125M on Chicago Luxury Multi-Family Tower - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\"},\"datePublished\":\"2012-01-12T14:49:07+00:00\",\"dateModified\":\"2022-12-05T15:54:23+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/ff3a837f33daecfcf8978b405eaae20c\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/metlife-spends-125m-on-chicago-luxury-multi-family-tower\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/metlife-spends-125m-on-chicago-luxury-multi-family-tower\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/metlife-spends-125m-on-chicago-luxury-multi-family-tower\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"MetLife Spends $125M on Chicago Luxury Multi-Family Tower\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/ff3a837f33daecfcf8978b405eaae20c\",\"name\":\"Nicholas Ziegler\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/70e28229c24dc3cf14fac93ebb7647505c7519b301aa20c8f635957a4e8a8a66?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/70e28229c24dc3cf14fac93ebb7647505c7519b301aa20c8f635957a4e8a8a66?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/70e28229c24dc3cf14fac93ebb7647505c7519b301aa20c8f635957a4e8a8a66?s=96&d=mm&r=g\",\"caption\":\"Nicholas Ziegler\"},\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/author\\\/nicholasziegler\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"MetLife Spends $125M on Chicago Luxury Multi-Family Tower - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/metlife-spends-125m-on-chicago-luxury-multi-family-tower\/","og_locale":"en_US","og_type":"article","og_title":"MetLife Spends $125M on Chicago Luxury Multi-Family Tower","og_description":"Amid a flurry of multi-family trades in Chicago, MetLife has bought EnV, a luxury high-rise tower, from LYND Development Partners for an estimated $125 million.","og_url":"https:\/\/www.commercialsearch.com\/news\/metlife-spends-125m-on-chicago-luxury-multi-family-tower\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2012-01-12T14:49:07+00:00","article_modified_time":"2022-12-05T15:54:23+00:00","author":"Nicholas Ziegler","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.commercialsearch.com\/news\/metlife-spends-125m-on-chicago-luxury-multi-family-tower\/#article","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/metlife-spends-125m-on-chicago-luxury-multi-family-tower\/"},"author":{"name":"Nicholas Ziegler","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/ff3a837f33daecfcf8978b405eaae20c"},"headline":"MetLife Spends $125M on Chicago Luxury Multi-Family Tower","datePublished":"2012-01-12T14:49:07+00:00","dateModified":"2022-12-05T15:54:23+00:00","mainEntityOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/metlife-spends-125m-on-chicago-luxury-multi-family-tower\/"},"wordCount":264,"commentCount":0,"articleSection":["Corporate Real Estate","Featured","Midwest","News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.commercialsearch.com\/news\/metlife-spends-125m-on-chicago-luxury-multi-family-tower\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/metlife-spends-125m-on-chicago-luxury-multi-family-tower\/","url":"https:\/\/www.commercialsearch.com\/news\/metlife-spends-125m-on-chicago-luxury-multi-family-tower\/","name":"MetLife Spends $125M on Chicago Luxury Multi-Family Tower - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"datePublished":"2012-01-12T14:49:07+00:00","dateModified":"2022-12-05T15:54:23+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/ff3a837f33daecfcf8978b405eaae20c"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/metlife-spends-125m-on-chicago-luxury-multi-family-tower\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/metlife-spends-125m-on-chicago-luxury-multi-family-tower\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/metlife-spends-125m-on-chicago-luxury-multi-family-tower\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"MetLife Spends $125M on Chicago Luxury Multi-Family Tower"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/ff3a837f33daecfcf8978b405eaae20c","name":"Nicholas Ziegler","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/70e28229c24dc3cf14fac93ebb7647505c7519b301aa20c8f635957a4e8a8a66?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/70e28229c24dc3cf14fac93ebb7647505c7519b301aa20c8f635957a4e8a8a66?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/70e28229c24dc3cf14fac93ebb7647505c7519b301aa20c8f635957a4e8a8a66?s=96&d=mm&r=g","caption":"Nicholas Ziegler"},"url":"https:\/\/www.commercialsearch.com\/news\/author\/nicholasziegler\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004035732","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/1201"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004035732"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004035732\/revisions"}],"predecessor-version":[{"id":1004627644,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004035732\/revisions\/1004627644"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004035732"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004035732"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004035732"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}