HFF Announces Sale of One North LaSalle in Chicago

Oct 22, 2018 04:17 pm

Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of One North LaSalle, a historic, recently renovated, Class A office tower totaling 493,738 square feet in Chicago’s Financial District.

The HFF team marketed the property on behalf of the seller, Hilco Redevelopment Partners and executives from MB Real Estate Services, Inc., Kevin Purcell and Peter Westmeyer, and procured the buyer, Bridge Investment Group LLC.

Originally constructed in 1930, the art deco-style office tower has been reimagined for the digital age and offers tenants amenities such as a fitness center, tenant lounge, conference facility, outdoor terrace, bicycle storage and food service offerings. One North LaSalle underwent a significant renovation in 2016 and has since experienced tremendous leasing velocity bringing the occupancy at the property to 86.3 percent. Prominent tenants include Property Insight, Youth Guidance, Prometric and Flanagan Bilton. The 47-story tower has a Walk Score® of 98 and a Transit Score® of 100, as it is within minutes of numerous cafes and restaurants, retail offerings, cultural attractions, and mass transit at Union Station, Ogilvie Transportation Center and the Randolph Street station.

The HFF investment advisory team representing the seller included senior managing directors Jaime Fink and Jeffrey Bramson and directors Bryan Rosenberg and Patrick Shields.

About Hilco Redevelopment Partners (HRP)

Hilco Redevelopment Partners (www.hilcoredev.com) provides innovative solutions to maximize the value of complex real estate assets by leveraging the extensive capabilities and capital of Hilco Global to efficiently develop and bring new uses to these properties. As an industry leader in successfully completing large industrial redevelopment projects, Hilco Redevelopment Partners is a trusted partner and principal investor in real estate deals, focusing on finding, redeveloping and reimaging these properties as state-of-the-art warehouses, fulfillment centers, and other industrial facilities located near major transportation hubs, ports, and other strategic infrastructure assets to create supply chain efficiencies for end users. HRP’s facilities are developed to meet customer’s needs and located in markets with strong labor pools and dense population. Hilco Redevelopment Partners is a unit of Northbrook, Illinois based Hilco Global (www.hilcoglobal.com). Hilco Global operates more than twenty specialized business units offering services that include asset valuation and appraisal, tangible and intangible acquisition and disposition of assets, real estate advisory, strategic equity investments, and much more.

About Bridge Investment Group LLC

Bridge Investment Group LLC (“Bridge”) is a privately held real estate investment management firm with more than $12 billion in assets under management. Bridge combines its 1,100-person, nationwide operating platform with specialized teams of investment professionals focused on select U.S. real estate verticals, which Bridge believes offer above-market opportunity—i.e., multifamily, office, seniors housing, affordable housing and real estate-backed fixed income. Bridge Property Management, L.C., a Bridge affiliate, provides property management and construction services for Bridge multifamily assets. For additional information, please visit www.bridgeig.com.

About HFF

HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.

Jaime Fink, (312) 528-3650
IL Lic. #471.010204
HFF Senior Managing Director
Jeffrey Bramson, (312) 528-3650
HFF Senior Managing Director and Managing Broker
Kristen Murphy, (617) 338-0990
HFF Director, Public Relations