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New owners also retain Jones Lang LaSalle as exclusive leasing agent
CHICAGO, March 19, 2013 — Jones Lang LaSalle’s Capital Markets experts today announced the firm has closed the sale and financing of Burnham Center in the heart of Chicago’s Central Business District on behalf of Harbor Group International. An affiliate of the Shidler Group, Alliance Partners HSP, LLC, purchased the landmark 22-story, 579,848-square-foot building for $ 94.6 million – just five months after the historic building was brought to market. In addition, Jones Lang LaSalle secured acquisition financing for the new owners, who have also retained the firm as the exclusive leasing agent for the classic Chicago-style skyscraper.
Managing Directors Bruce Miller and James Postweiler and Vice President Nooshin Felsenthal led the Jones Lang LaSalle team on the sale, while Managing Director Dave Hendrickson and Senior Vice President Keith Largay handled the financing. Senior Vice President Monica Moore and Associate Craig Coupe will direct leasing efforts on behalf of Alliance, which has teamed up with Annenberg Investments and Sterling Bay Companies as its local operating partner.
“Burnham Center offered investors the rare combination of landmark significance, strategic location and a preeminent tenant roster,” said Miller. “As expected, interest was robust for this prime asset.”
Burnham Center features a façade of alabaster terra cotta and a dramatic two-story lobby with Abucana marble walls and floors. The building offers spectacular city views; on-site retail; landscaped atrium with courtyard; 24-hour security; and access to an underground pedway system, linking nearly five million square feet of office space, 400,000 square feet of retail, three hotels and both the Metra commuter and CTA train stations.
Tenants include Tribeca Flashpoint Media Arts Academy, Cook County’s administrative offices for the Clerk of the Circuit Court and State’s Attorney, GrubHub and Burnham Nationwide.
“Burnham Center is one of the last buildings designed by famed architect Daniel Burnham and considered one of the city’s most architecturally significant office buildings and we look forward to leasing this premier property,” said Moore. “Alliance Partners has long-term vision for this historic asset and is currently planning upgrades, including lobby enhancements and adding a fitness and conference center.”
Burnham Center was built in 1914 and renovated in 1985. Most recently, the property underwent a $4.2 million capital improvement program, including repairs to the façade, new chillers and fan systems, fire and life safety upgrades and renovations to the lobby, common corridor, restrooms and spec suites. It is located at 111 West Washington, at the southwest corner of West Washington and North Clark streets. It is listed in the National Register of Historic Places and was awarded the Energy Star label from 2008-2012.
About Harbor Group InternationalHarbor Group International, with a portfolio valued at approximately 3.8 billion, has been acquiring properties for profitable commercial real estate investing since 1990. HGI currently owns more than 10.5 million square feet of commercial properties and in excess of 24,500 apartment units. For more information, visit http://harborgroupint.com/
About Alliance Partners HSPAlliance Partners HSP, LLC (“Alliance”) is a real estate investment and operating firm focused on opportunistic acquisitions in major Eastern United States markets. Alliance is the East Coast operating arm of The Shidler Group, one of the nation’s foremost commercial real estate organizations. The Alliance team combines extensive capital markets and real estate operating/redevelopment experience with the financial agility and resources of our partners to produce superior risk-adjusted returns on our real estate investments.
Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2011 alone, Jones Lang LaSalle Capital Markets completed $60 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $52 billion in global investment sales and buy-side transactions, equating to nearly $216 million of investment trades completed every working day around the globe. In the United States, Jones Lang LaSalle grew its total Capital Markets volumes by 122 percent in 2011 and is quickly gaining market share across all property types. The firm’s Capital Markets team comprises more than 1,200 specialists, operating all over the globe.
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About Jones Lang LaSalleJones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet. Its investment management business, LaSalle Investment Management, has $47.0 billion of real estate assets under management. For further information, visit www.jll.com.
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