New York-based Chetrit Group has sold the historic landmark tower at One North LaSalle in Chicago's Central Loop to a joint venture between Hilco Real Estates, a unit of Northbrook-based Hilco Global, and two MB Real Estate Services (MBRE) executives. A purchase price for the 47-story office building and terms of the acquisition were not announced, though the property has been on the market for over a year. The property was appraised at $74 million in 2006, when Chetrit took out a $165 million loan on the building and two other downtown office towers it owned, 360 N. Michigan Ave. and 1 N. Dearborn St., according to a Crain's report. A multi-million-dollar capital budget is being put forth for the property redevelopment, with MBRE contracted to provide ongoing management, leasing, and construction oversight services.
"We are very familiar with One North LaSalle, having managed and leased it for various owners over the past 17 years," said Kevin Purcell, Executive Vice President and Chief Operating Officer of MBRE, in a press release. "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. This is a tremendous and unique opportunity for all user types to lease space within a historic and highly visible Chicago office building that offers an ideal location in the Loop," said Purcell.
Originally built in 1930 and designed by Vitzthum & Burns, the 500,000 square foot building sits at the northeast corner of LaSalle and Madison streets. The Art Deco style building, known for its iconic exterior clock and 5th floor relief panels depicting the explorations of René-Robert Cavelier, Sieur de La Salle, was designated a Chicago Landmark in 1996 and added to the National Register of Historic Places in 1999. The JV said it has plans for an extensive redevelopment effort to introduce a variety of high-end tenant amenities including a rooftop deck, tenant lounge, conference facility, fitness center, and bike room.
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