CHICAGO — Hilco Real Estate LLC, in a joint venture with Peter Westmeyer and Kevin Purcell, both of whom are senior executives with MB Real Estate Services Inc. (MBRE), has acquired One North LaSalle, a historic office building located in Chicago’s Central Loop. No terms of the transaction were disclosed.
Built in 1929, the 500,000-square-foot office building is situated on the northeast corner of LaSalle and Madison streets, and offers easy access to public transportation and highways, as well as a variety of hotels, restaurants and retail. The most recent building renovation included restoration of the Art Deco detailing and installing new elevators, HVAC, electrical and plumbing systems.
The 47-story property is set to undergo an extensive redevelopment under its new ownership, which will include high-end tenant amenities, the addition of spec suites and remodeling the building’s interior. Once complete, the property will feature a renovated lobby, tenant corridors and restrooms, and first-class tenant amenities including a rooftop deck, tenant lounge, conference facility, fitness center and bike room.
A multi-million dollar capital budget is being put forth by the new ownership group, and MBRE has been contracted to provide ongoing management, leasing and construction oversight for the property. MBRE’s Mark Buth and Jesse Slack are representing building ownership for leasing opportunities.
“We are very familiar with One North LaSalle, having managed and leased it for various owners over the past 17 years,” said Purcell, executive vice president and chief operating officer of MBRE. “Our planned redevelopment, combined with a hands-on ownership approach, will allow us to successfully position the property and unlock One North LaSalle’s full potential.”
Designed by architects Vitzhum & Burns, One North LaSalle served as Chicago’s tallest structure for 35 years. The Art Deco style building, known for its iconic exterior clock, was designated a Chicago Landmark in 1996 and added to the National Register of Historic Places in 1999.
Hilco Real Estate Inc. is a strategic advisor and principal investor in real estate across the U.S.
MB Real Estate Services Inc. is a full-service real estate organization that provides asset and facilities management, leasing services, project and construction management, tenant representation, and investment services.
— Katie Sloan