While Chicago’s commercial real estate community was winding down for a long Labor Day weekend, Murphy Development Group orchestrated one of the largest downtown hotel sales in the current cycle.
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German firm Deka Immobilien Investment purchased the Hyatt Centric the Loop Chicago Hotel for $110M. At $428K per room, this is the highest closing price to date for a Loop hotel.
Murphy Development built the 257-room hotel at 100 West Monroe in 2015 as Hyatt’s first Hyatt Centric property in the Chicago market. Amenities include French restaurant Cochon Volant and the rooftop bar, AIRE. Murphy Development also redeveloped the Chicago Motor Club into a Hampton Inn, and opened the Cambria Chicago Loop hotel, inside the former Oriental Theatre offices, in May.
SALES
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The Boulder Group completed the following transactions:
Randy Blankstein and Jimmy Goodman represented both parties in the $8.2M sale of a single-tenant net-leased Fresenius Medical Care Property at 3500 West Grand Ave. in Chicago.
Randy Blankstein and Jimmy Goodman represented the seller in the $967K sale of a net-leased Long John Silver's and A&W restaurant at 2235 Needham Road in Dayton, Ohio.
Randy Blankstein and Jimmy Goodman represented the seller in the $2.4M sale of a single-tenant ATI Physical Therapy property at 4765 Jackson Road in Ann Arbor, Michigan.
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Berkadia’s Michael Sullivan, William Ryan and Alex Blagojevich represented the seller in the disposition of Alexandra Apartments, a 112-unit garden style apartment community in Cedar Rapids, Iowa.
LEASES
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Savills Studley’s Robert Sevim and Adam Southard represented Ryan Specialty Group in a lease expansion at Two Prudential Plaza, where the company will now occupy 32K SF, and an expansion to 38K SF for Ryan subsidiary RT Specialty at 500 West Monroe. Telos Group’s Bill Truszkowski represented the 601W Cos. in the transaction at Two Prudential Plaza. JLL’s Mark Georgas and Gary Kostecki represented Piedmont Realty Trust at 500 West Monroe.
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Darwin Realty’s Adam Haefner and Zeke Rowan represented the landlord in a 48K SF lease with Euroview Enterprises at 342 Carol Lane in Elmhurst. Transwestern’s Justin Lerner repped the tenant.
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First Western Properties’ Laryssa Moros and Marion Abramiuk represented both parties in a lease at 409 West North Ave. in Old Town.
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