549 W. Randolph St., Chicago. Credit: CoStar Group
CHICAGO—The nearly 124,000-square-foot office building at 549 W. Randolph St. has been acquired by a joint venture that includes MB Real Estate executives Kevin Purcell and Peter Westmeyer, Hilco Redevelopment Partners and Origin Investments.
The new ownership did not disclose the purchase price for the property. Crain's Chicago Business stated earlier this year when the deal was in negotiations that the MB Real Estate-led joint venture was acquiring the 123,835-square-foot loft office building for $36 million. MB Real Estate will provide leasing and asset management services at the seven-story building.
The vintage timber loft building, with floor plates of almost 17,000 square feet, is located on West Randolph Street across the street from Ogilvie Transportation Center and the French Market and within walking distance to Fulton Market and Chicago's Restaurant Row, as well as the Central Loop.
"549 West Randolph has it all: proximity to transportation, neighborhood dining and entertainment and Fulton Market as well as the cool loft architecture that tenants are seeking," says MBRE president of asset management and leasing services Kevin Purcell. "We intend to enhance the tenant experience by creating a building culture that rivals any building in Chicago, making 549 West Randolph the model for others to follow."
Roberto Perez, CEO of Hilco Redevelopment Partners says, "This is a terrific property to add to our portfolio in one of the most exciting growth areas within the Chicago market right now. We are thrilled to continue our investment partnership with the MB Real Estate team having recently completed the successful sale of the One North Lasalle property last year."
The walkability/accessibility factor of 549 Randolph Street and the unique timber loft creative space is and was a major attraction point for us, and will be for future tenants," says Kyle Verhasselt, assistant VP of acquisition for Origin Investments. "Enhancing the overall appeal of the property is its proximity to the restaurant, entertainment, residential and transportation offerings of the West Loop and Fulton Market area."
The building at 549 West Randolph was constructed in 1909 and was originally the home to William J. Moxley's Butterine Co. The historical property was repositioned as an office property in 1983 and recently underwent a major renovation to include a new lobby, high-end finishes, and building amenities, such as an upscale tenant lounge and meditation room.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
