Bridge Investment Acquires $113M Chicago Tower
- Oct 02, 2018
Following its recent purchase of O’Hare International Center in Rosemont, Ill., Bridge Investment Group’s Office Division, Bridge Office Fund Manager LLC, has acquired One North LaSalle, a vintage office tower in downtown Chicago, for $113 million. The seller was Hilco Real Estate, according to Yardi Matrix.
Located at 1 N. LaSalle St., the 47-story property comprises 493,738 square feet. Currently 84.6 percent occupied, tenants include Prometric, Property Insight, Flanagan Bilton and Youth Guidance. According to Yardi Matrix, there are 111 spaces leased and 16 available, totaling 67,716 square feet of office space up for grabs. These range from 188 to 7,486 square feet, with a round of spec suites scheduled for delivery in 2019. JLL’s Managing Director Melissa Rubenstein, Vice President Annie Nicolau and Analyst Jay Miller will lead the leasing efforts at the property, overseen by Bridge Commercial Real Estate.
Strong investment opportunity
Originally constructed in 1929, the asset has undergone more than $35 million in capital improvements over the past 10 years. These included the addition of a new full-service amenity floor called The Landmark, which offers a state-of-the-art fitness center, lounge areas, high-tech conference facilities and a rooftop deck and terrace. Rental rates at the property have increased by nearly 20 percent since 2016. One North LaSalle is listed in the National Register of Historic Places and is also featured on the Chicago Architectural Foundation’s walking tour.
“Bridge is thrilled to add One North LaSalle to our rapidly expanding portfolio of office assets in Chicago,” Brian Tretinik, managing director of Bridge Investment Group, told Commercial Property Executive. “We anticipate that the building’s unique history and advantageous location in The Central Loop will generate high demand given the present shortage of creative office space in the CBD. We look forward to cultivating an inspiring, contemporary workspace that generates success and continued growth for our tenants.”
One North LaSalle is within close proximity to several rail stations, as well as dining and entertainment destinations such as the House of Blues, Revival Food Hall, Chicago Theatre, The Dearborn and AMC Dine-In Theaters at Block 37.
Image courtesy of Bridge Investment Group