Owners Of One North LaSalle Seeking $125M Bids For Building
Hilco Global is looking to cash out fast on One North LaSalle. The firm and the building's co-owners, MB Real Estate's Kevin Purcell and Peter Westmeyer, are shopping the 47-story landmark to potential buyers, Crain's Chicago Business reports. They are seeking $125M.
Hilco, Purcell and Westmeyer bought the building in March 2016 for $82.5M. Hilco Global Executive Vice President Gary Epstein told Bisnow at the time of the acquisition the joint venture saw the building as a future destination for tech, advertising and media companies. Hilco spent $4M upgrading One North LaSalle's amenities, adding an outdoor terrace, conference and fitness centers and a tenant lounge.
The first half of 2018 has been a buyer's market for Chicago office properties. With rising interest rates and building values higher than their pre-recession peaks, more owners are taking notice and testing the waters. Franklin Street Properties recently put 303 East Wacker Drive on the market. Other vintage office buildings for sale include 120 South LaSalle and 225 West Washington.
