CHICAGO— A joint venture of Hilco Real Estate and Peter Westmeyer and Kevin Purcell , two senior executives of MB Real Estate Services, Inc. announced late yesterday that they have acquired historic landmark tower One North LaSalle located in the Central Loop. The new partners plan to update the 47-story Art Deco building by adding the types of amenities that downtown office tenants now expect. MBRE has been contracted to continue providing management, leasing, and construction oversight services for the property. "We are very familiar with One North LaSalle, having managed and leased it for various owners over the past 17 years," says Purcell, executive vice president and chief operating officer of MBRE. "Our planned redevelopment, combined with a hands-on ownership approach, will allow us to successfully position the property and unlock One North LaSalle's full potential. This is a tremendous and unique opportunity for all user types to lease space within a historic and highly visible Chicago office building that offers an ideal location in the Loop." Built in 1929, One North LaSalle is a 500,000 square foot office building situated on the northeast corner of LaSalle and Madison streets. The most recent building renovation included restoration of its detailing, and installing new elevators, HVAC, electrical, and plumbing systems. But the new owners say they will take this one step further by adding spec suites and remodeling the interior. Once complete, the property will have a renovated lobby, tenant corridors, and restrooms plus a rooftop deck, tenant lounge, conference facility, fitness center, and bike room. MBRE's Mark Buth and Jesse Slack are handling leasing duties. "Buying One North LaSalle is a significant deal for Hilco as we begin to penetrate the Chicago marketplace and diversify our portfolio of real estate investments across the country," Hilco global chairman and chief executive officer Jeffery Hecktman says. "Clearly the Central Loop market has experienced a surge of leasing activity and tenant interest recently," adds Roberto Perez , executive vice president at HRE. "The Central Loop's dynamics are shifting and this location has become very attractive to technology, advertising, media, and information tenants who have been quick to recognize the area's transition into a 24/7 work/play environment." Designed by renowned architects Vitzhum & Burns and known for its iconic exterior clock, the building was designated a Chicago Landmark in 1996 and added to the National Register of Historic Places in 1999.

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Hilco, MBRE Execs Buy Historic LaSalle Tower

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