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MBRE, Hilco, Origin joint venture acquires West Loop property

MB, Hilco, Origin joint venture acquires West Loop property,ph1

A joint venture that includes senior executives Kevin Purcell and Peter Westmeyer from MB Real Estate (MBRE), Hilco Redevelopment Partners and Origin Investments has acquired 549 W. Randolph Street in the West Loop. MBRE will provide leasing and asset management services for the seven-story, 123,835-square-foot property.

“549 West Randolph has it all: proximity to transportation, neighborhood dining and entertainment and Fulton Market as well as the cool loft architecture that tenants are seeking,” said Purcell, MBRE president of asset management and leasing services. “We intend to enhance the tenant experience by creating a building culture that rivals any building in Chicago, making 549 West Randolph the model for others to follow.”

The vintage timber loft building, with floor plates of almost 17,000 square feet, is located across the street from Ogilvie Transportation Center and the French Market and within walking distance to Fulton Market and Chicago’s Restaurant Row, as well as the Central Loop.

“This is a terrific property to add to our portfolio in one of the most exciting growth areas within the Chicago market right now,” said Roberto Perez, CEO of Hilco Redevelopment Partners. “We are thrilled to continue our investment partnership with the MB Real Estate team having recently completed the successful sale of the One North Lasalle property last year.”

“The walkability/accessibility factor of 549 Randolph Street and the unique timber loft creative space is and was a major attraction point for us, and will be for future tenants,” said Kyle Verhasselt, assistant vice president of acquisition for Origin Investments. “Enhancing the overall appeal of the property is its proximity to the restaurant, entertainment, residential and transportation offerings of the West Loop and Fulton Market area.”

The building at 549 West Randolph was constructed in 1909 and originally home to William J. Moxley’s Butterine Company. The historical property was repositioned as an office property in 1983 and recently underwent a major renovation to include a new lobby, high-end finishes and building amenities, such as an upscale tenant lounge and meditation room.