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Newly Formed Firm Makes Big Splash Buying Former Playboy HQ

Chicago Office

The building that was most famous for being home to Playboy Enterprises has new ownership. TopMed Realty, a new healthcare-focused real estate firm out of Florida, purchased the commercial portion of 680 North Lake Shore Drive for $109.5M, according to Crain's Chicago Business.

The seller was Golub, which is retaining an ownership stake in the building. The commercial portion of the tower consists of mostly offices on the first 16 floors, along with a Treasure Island grocery store on the ground level and 331 parking spaces. The upper 13 floors are condos. Originally built in 1926, 680 North Lake Shore Drive was christened as the American Furniture Mart when it was completed and was the world's largest building at one time. Playboy Enterprises moved its HQ there in 1988 and stayed there until it relocated to Los Angeles five years ago.

TopMed is seeking to capitalize on the medical research and healthcare real estate activity happening in Streeterville. The Rehabilitation Institute of Chicago is opening a $500M building across the street from 680 North Lake Shore. Lurie Children's Hospital opened in 2014, and Northwestern University is building a $295M research facility on the site of Historic Prentice Women's Hospital. The healthcare real estate activity, in turn, has had positive benefits on Streeterville multifamily.