{"id":1004101468,"date":"2014-07-30T06:45:43","date_gmt":"2014-07-30T14:45:43","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004101468"},"modified":"2023-02-24T06:44:47","modified_gmt":"2023-02-24T14:44:47","slug":"israels-clal-insurance-buys-chicagos-harper-court-office-complex-for-112m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/israels-clal-insurance-buys-chicagos-harper-court-office-complex-for-112m\/","title":{"rendered":"Israel\u2019s Clal Insurance Buys Chicago\u2019s Harper Court Office Complex for $112M"},"content":{"rendered":"

Clearly, Clal Insurance is keen on Chicago. The Tel Aviv-based company, one of Israel\u2019s largest financial institutions, made its entr\u00e9e into the U.S. real estate market with a purchase in Chicago last year and now the company has just completed the acquisition of its second office asset in the country: the $112 million, 225,000-square-foot Harper Court mixed-use office and retail complex in Chicago\u2019s Hyde Park neighborhood.<\/p>\n

Clal snapped up the 12-story complex–a segment of the first phase of what will ultimately be a 1.1 million-square-foot mixed-use destination–from the University of Chicago, which had acquired the building for approximately $98 million from its developer, Harper Court Partners, soon after is completion last year. Harper Court started as a public-private endeavor that included the City of Chicago and the University, which contributed land for the project.<\/p>\n

Clal\u2019s acquisition includes the commercial building, featuring 150,000 square feet of office space and 75,000 square feet of retail, as well as parking accommodations. But Clal has walked away with more than just square-footage; the company also secured a 20-year master lease for the entire property from the University of Chicago. The lease agreement also gives the University the right to sublease any vacant retail space.<\/p>\n

It was an offer Clal couldn\u2019t refuse. \u201c[Harper Court has a] strong guarantor, fixed-income with market rent escalation, new construction, master lease and all risks pass through to the guarantor,\u201d Tamir Kazaz, CEO for Clal US, told Commercial Property Executive<\/em>.<\/p>\n

The Harper Court transaction follows Clal\u2019s first U.S. real estate purchase, a 49 percent stake in the 1.2 million-square-foot One South Wacker office building in the Windy City<\/span><\/a>, by approximately 18 months. Clal purchased the 40-story high-rise in a joint venture with Harbor Group International L.L.C. for $221 million.<\/p>\n

However, it\u2019s not all about the office market for Clal. \u201cMulti-family is our core type if investment, as well as long term credit tenant office leases,\u201d Kazaz added.<\/p>\n

The company made its first multi-family purchase in the States in March of this year, snapping up the 100-unit Infinity Apartments in Edgewater, N.J., for $48 million in a partnership with Waterton Associates L.L.C.<\/p>\n

\u201cWe came to the conclusion that multi-family is a more stable business with annual growth that will give us protection against inflation,\u201d Kazaz told CPE<\/em>\u2019s sister publication, Multi-Housing News<\/em>, during an interview in June.<\/p>\n

Be it multi-family or office, Clal is only getting started in the U.S. The company plans to spend several hundred million dollars on real estate acquisitions over the next few years, training its eye on the New York tri-state region and, of course, Chicago.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Tel Aviv-based company made its second purchase in the U.S. real estate market with the 225,000-square-foot Harper Court mixed-use office and retail complex in Chicago\u2019s Hyde Park neighborhood.<\/p>\n","protected":false},"author":969,"featured_media":1004101469,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,13,21742,21747],"tags":[],"class_list":["post-1004101468","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-midwest","category-latest","category-office"],"acf":[],"yoast_head":"\nIsrael\u2019s Clal Insurance Buys Chicago\u2019s Harper Court Office Complex for $112M - 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\/israels-clal-insurance-buys-chicagos-harper-court-office-complex-for-112m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Israel\u2019s Clal Insurance Buys Chicago\u2019s Harper Court Office Complex for $112M\" \/>\n<meta property=\"og:description\" content=\"The Tel Aviv-based company made its second purchase in the U.S. real estate market with the 225,000-square-foot Harper Court mixed-use office and retail complex in Chicago\u2019s Hyde Park neighborhood.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/israels-clal-insurance-buys-chicagos-harper-court-office-complex-for-112m\/\" \/>\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=\"2014-07-30T14:45:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-24T14:44:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/07\/Harper-Court.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1071\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/israels-clal-insurance-buys-chicagos-harper-court-office-complex-for-112m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/israels-clal-insurance-buys-chicagos-harper-court-office-complex-for-112m\/\",\"name\":\"Israel\u2019s Clal Insurance Buys Chicago\u2019s Harper Court Office Complex for $112M - 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