CHICAGO — Prime Group Realty Trust (PGRT) has entered into a joint venture agreement with an affiliate of Stamford, Conn.-based Five Mile Capital Partners for 330 North Wabash Avenue in Chicago Designed by Mies van der Rohe, the 52-story, mixed-use tower will undergo building redevelopments, tenant improvements and renovations. Five Mile has agreed to provide up to $75 million of additional capital to the joint venture for building improvements. PGRT completed a $24 million base building redevelopment of the property in 2010. Additionally, The Langham Chicago, a five-star luxury hotel, will occupy floors two through 13. Once complete in late 2012, the hotel will offer a chef-driven restaurant, a spa and fitness center, and meeting and conference facilities.
159
previous post