CHICAGO — The University of Chicago has sold the mixed-use development Harper Court to Clal Insurance Co. and its affiliated companies, for $112 million. The city of Chicago approved the transaction, which closed on July 25.
Developed in partnership with the University of Chicago and the City of Chicago, Harper Court is a two-phase, 1.1 million square foot mixed-use development located at 53rd Street and Lake Park Avenue in Chicago's Hyde Park neighborhood.
As part of the transaction, the University signed a long-term master lease for all office retail and parking space in Harper Court and will sublease space to the other current and future tenants. Tenants in Harper Court include the University of Chicago, LA Fitness, Starbucks, Chipotle and others.
The University and the city, in consultation with residents and local leaders, launched the Harper Court project in 2008. After its completion in November 2013, University officials announced that they intended to seek a long-term owner for Harper Court that would support the community amenities and economic opportunities that motivated the development.
Clal is a publicly traded insurance company and pension fund manager. The Israel-based financial institution has more than $40 billion in assets under management.
— Danielle Everson