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Irvine Co Buys Hyatt Center; The Deal Sheet

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Irvine Co Buys Hyatt Center; The Deal Sheet
The Irvine Co acquired the Hyatt Center yesterday, according to a company statement. The 48-story, 1.5M SF  elliptical-shaped building at 71 S. Wacker is 95% leased and home to Hyatt's world HQ as well as law firm Mayer Brown.
 
Irvine Co Buys Hyatt Center; The Deal Sheet
The building is the largest to achieve LEED Gold, which it did last month. Irvine president Doug Holte  said in the statement that the building is outside of the company’s traditional California focus but still fits into its A-plus portfolio. Pritzker Realty CEO Penny Pritzker  also said she’s pleased with the ownership transition and long-term commitment Irvine offers. Crain's reported the building's price at $625M.  Calls to Irvine to were not returned by press time.
 
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Whirlpool Training Center

Leopardo completed a 30k SF training center and showroom for Whirlpool Corp in the historic Reid Murdoch Center at 325 N. LaSalle St. Valerio Dewalt Train  and Associates was the architect. The eco-focused  facility used local construction materials and materials made from recycled, renewable and/or recyclable content, low-flow plumbing fixtures, and low VOC coatings. It includes a large outdoor space with an  herb garden  providing fresh ingredients for cooking demonstrations and events.


Leasing News


Two leases were signed at 3333 W. 36th StGlobal Materials Technologies for 30k SF (Chicago Industrial Real Estate's  Matt Rogatz and Beverly Hayes represented the owner); and N&H Group for 17k SF lease. (Matt and Beverly repped ownership while US Asia Group repped N&H.)

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ThyssenKrupp Elevator has leased 22k SF of office space for use as a service center at 355 Eisenhower Lane in Lombard. Cushman & Wakefield's Susan Rosen and Marilyn Lissner repped landlord and private investor The Novogroder Cos. Grubb & Ellis Co's Richard Morris represented the tenant. Move-in is scheduled for March 2011.

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The International Housewares Association has signed a long-term extension of its lease for 12k SF of space at 6400 Shafer Court in Rosemont. Jones Lang LaSalle's Gregg Raus and Mark Kolar repped the tenant, who's occupied space in the building since 1982. ACG Management's Jim Weber represented the building owners.

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J.P. Graphics signed a new 5k SF lease at 4701 S. Whipple St for commercial printing. Chicago Industrial Real Estate's Matt Rogatz represented owner Whipple Street Partnership.


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Green Metal Distribution  leased a 3k SF free standing building at 4313 S. Halsted St. Chicago Industrial Real Estate's Beverly Hayes repped the tenant and Sperry Van Ness' Dan Elliot repped the owner.

Construction News

J.C. Anderson has been selected to complete a 42k SF build-out on behalf of TreeHouse Foods in Oak Brook. The construction manager on the project is CB Richard Ellis. The project includes a complete rehab of perimeter offices and interior open office areas. The new space will feature multiple training rooms, conference rooms, and an executive boardroom, all incorporating AV technology. JC Anderson's Tom Bean is the project executive and J.C. Anderson's Dan Burnette is the leading project manager for the firm. Whitney is providing the architectural services.

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Cotter Consulting was recently selected as owner’s rep for  Mercy Hospital and Medical Center Project. Cotter is providing program management services for renovations that include the Birthing Center, Cardiac Care Unit, and hospital-wide fire alarm and fire protection upgrades. Cotter’s services include coordination and administration of all HUD financing requirements, regulatory requirements including Illinois Department of Public Health TIF compliance, and full-time on-site  construction management.

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Reed Construction  completed a medical office build-out for the Raby Institute of Integrative Medicine at 500 N. Michigan Ave. The Mag Mile high-rise is managed by Zeller Realty. The build-out of the medical office space included the construction of exam and treatment rooms, offices, restroom facilities and a yoga room. Reed's Jack Hennessy and Matt McGriff  managed the project. Box Studios provided the architectural services.

Sales News

Stan Johnson Co completed the sale of a 77k SF office building 100% occupied by Blue Cross Blue Shield of Illinois at 2787 McFarland Rd in Rockford to a California-based individual investor for $12.3M. Stan Johnson's Craig Tomlinson repped the seller, a Chicago-based individual investor. Sperry Van Ness' Kevin Lynch represented the buyer.

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The Boulder Group's Randy Blankstein and Jimmy Goodman repped the seller of a single-tenant net-leased Walgreen’s in Northbrook for  $9.9M. The 15k SF building is fully leased on a long- term basis to Walgreen’s. The seller was a Chicago-based development partnership. The purchaser was a private investor based in San Francisco.

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CB Richard Ellis' Keith PuritzBrett KronerRyan Bain, and  Zach Graham repped both parties in the sale of 900 Busch Pkwy in Buffalo Grove. R.G. Ray  sold the 121k SF industrial building to Forefront Properties for an undisclosed amount. Asking price was $6.7M.

Company & Association News


The Chicago office of Sperry Van Ness spent an afternoon volunteering at the Chicago Food Depository. The team, including Kevin Baran, Drew DillonMatt Andelman, Dan Elliot, Sean Lutz,Wayne CaplanAl Stepan, Scott Maesel, Karoline Whittaker,Sally DelehantMichael Thanasouras, Ben Andrews, Eric Johnstone, and  Sylvia Johnstone repackaged over 7,500 pounds of bread for distribution to families in the Chicago area.

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The Chicago Chapter o f SIOR and the SIOR Foundation have awarded four scholarships for the academic year of 2010-2011 totaling $12k to students from Roosevelt University, Kellogg School of Management at Northwestern University, Kellstadt Graduate School of Business at DePaul University, and the University of Illinois at Urbana-Champaign. Each of the four students received a scholarship of $3k