The Chicago firms that built a prominent West Loop skyscraper three years ago are shopping for a new investor to recapitalize the property or even buy it.
The developers have hired real estate services firm Jones Lang LaSalle to help market the million-square-foot tower at 150 N. Riverside Plaza to prospective investors. That’s according to the industry newsletter Real Estate Alert. The owners have nearly filled the tower with tenants including major investment, consulting and law firms, and now aim to sell a 49% interest in the building. But they are also open to selling the whole property.
A deal could value the 53-story tower at around $900 million, or around $750 per square foot, making it one of the priciest downtown office properties in the city’s history.
In other Chicago-area business news:
The American Medical Association announced Wednesday it has joined West Side United, a coalition of health systems focused on improving health outcomes on Chicago’s West Side.
As part of its involvement, the AMA will invest $2 million over two years in community development financial institutions that focus on improving access to healthy foods, affordable housing and help finance small local businesses located on the West Side.
Six Chicago-based health systems already participate in the coalition, including Rush University Medical Center, Lurie Children’s Hospital, Amita Health, Cook County Health, Sinai and the University of Illinois. Northern Trust Bank is also a member.
And finally, the James Beard Foundation on Wednesday named 19 Chicago-area restaurants and chefs as semi-finalists in its annual awards honoring excellence in the restaurant industry nationally.
Two Chicago spots are in the running for Best New Restaurant in the nation: Tzuco, a River North French-Mexican restaurant, and Thattu, which serves Indian street food.
Sarah Grueneberg of the popular Fulton Market restaurant Monteverde was named one of 20 finalists for the national outstanding chef award. Jeanine Lamadieu of Yugen in Fulton Market, and Alisha Elenz of Lakeview’s mfk, were also honored as rising star chefs.
Crain’s Headlines is a joint production between WTTW and Crain’s Chicago Business. It airs every Monday through Thursday on the WTTW News program “Chicago Tonight.”