CRE Midwest

Joint venture acquires One North LaSalle office tower and plans for extensive redevelopment

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One North LaSalle, a 47-story, 500,000-square-foot office tower in Chicago's Central Loop, has been acquired by a joint venture of Hilco Real Estate, and two senior executives of MB Real Estate Services, Inc.

One North LaSalle, a 47-story, 500,000-square-foot office tower in Chicago's Central Loop, has been acquired by a joint venture of Hilco Real Estate, and two senior executives of MB Real Estate Services, Inc.

The property will be undergoing an extensive redevelopment effort to introduce a variety of high-end tenant amenities. A multi-million-dollar capital budget is being put forth by the new ownership group comprised of Hilco Real Estate LLC and the independent investors from MBRE – Peter Westmeyer and Kevin Purcell.

MBRE has been contracted to provide ongoing management, leasing, and construction oversight services for the property.

Built in 1929, One North LaSalle is situated on the northeast corner of LaSalle and Madison streets.

New ownership’s redevelopment plans call for the addition of spec suites and remodeling the building’s interior.

Once complete, the property will feature a renovated lobby, tenant corridors, and restrooms plus first-class tenant amenities including a rooftop deck, tenant lounge, conference facility, fitness center, and bike room.

Designed by renowned 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.

MBRE’s Mark Buth and Jesse Slack are representing building ownership for leasing opportunities.