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Hospital Leases 150,000 SF at Time-Life

CHICAGO-Memorial Hospital signs a 10-year lease at the Time-Life building, 541 N. Fairbanks, in one of the largest leases in the North Michigan Avenue submarket.

By Gina Kenny | Updated on April 15, 2007

CHICAGO-Northwestern Memorial Hospital will move into about 100,000 sf later this year at the Time-Life building, 541 N. Fairbanks Court. The hospital will move into another 50,000 sf late next year.

“It is one of the larger leases done in Chicago, and specifically in the North Michigan Avenue submarket,” says John Ferguson, senior vice president with Golub & Co., which purchased the building in a joint venture with Wachovia Securities in June 2006. Ferguson, along with leasing directors Debbie Nicholson and Peter Merrion, represented Golub in the lease transaction. Greg Gerber and Sarah Cogswell, with the John Buck Co., represented the hospital in the transaction.

The hospital will be moving its financial departments and administrative functions from space at 676 N. St. Clair, which is owned by the hospital. Northwestern was attracted to the building because of the proximity to the hospital, 251 E. Huron, and the hospital campus, Fergus says. The building also has amenities such as retail shops, a restaurant, a conference room, fiber optic infrastructure and views of the city and lake.

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