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Hilco Global announced late yesterday it acquired One North LaSalle in a JV with MB Real Estate's Kevin Purcell and Peter Westmeyer. Reports peg the sale price at $83M.
Hilco EVP Gary Epstein didn't confirm the sale price but did tell us the firm sees a great investment opportunity with the 47-story, 500k SF building. Gary says the building is in a great location in the Central Loop, which has seen an uptick in leasing activity in recent months. He adds that the Hilco/MBRE JV sees One North LaSalle as an attractive address for tech, advertising and media companies, as downtown continues to evolve into a 24/7 live/work/play destination.
Gary tells us MBRE first approached Hilco about the building last August. Another selling point for Hilco is the ability to invest added capital for improvements. Gary says the JV's redevelopment plans call for remodeling the building's lobby, restrooms and tenant corridors. A new rooftop deck is planned, and a fitness room will be built on the fifth floor.
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