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New Loews Chicago Hotel Joins ALHI

5 Jun 2014, 1:02 am

By Gabriel Circiog, Associate Editor

Associated Luxury Hotels International recently expanded its portfolio with the addition of the new Loews Chicago Hotel which is scheduled to open in the beginning of 2015. ALHI will provide Global Sales Organization support, expertise and sales services for the new Chicago Hotel.

Situated in the center of Chicago, just one block north of the Chicago River and two blocks east of North Michigan Avenue, Loews Chicago Hotel will feature 400 guest rooms and suites in a highly visible 52-story tower. The hotel will offer 25,717 square feet of meeting space and outdoor function venues, including a board room with video conferencing capabilities, an 8,591-square-foot ballroom and a 4,740-square-foot junior ballroom. The hotel will be conveniently located within walking distance of numerous shopping and entertainment venues, and will be just 25 minutes away from Chicago O’Hare International Airport, and 30 minutes from Chicago Midway International Airport.

“The brand-new Loews Chicago Hotel will be a very welcomed addition to the amazing city of Chicago,” says ALHI CEO David Gabri. “Chicago continues to be one of the most highly sought-after destinations, and this will be an outstanding new hotel for meetings and programs. It complements our other exceptional Chicago hotel members and provides needed new space in the marketplace.”

Owned and operated by Loews Hotels & Resorts, the Loews Chicago Hotel will feature numerous on-site leisure options including a signature restaurant, retail shop, 75-foot indoor lap pool, a fitness center with state-of-the-art equipment and spa treatment rooms, and a rooftop lounge offering panoramic views of Chicago. The hotel is being developed by DRW Trading Group and designed by architectural firm Solomon Cordwell Buenz.

The Loews Chicago Hotel will become ALHI’s sixth member in Chicago, joining The Peninsula Chicago, The Langham Chicago, the Fairmont Chicago Millennium Park, the InterContinental Chicago Magnificent Mile and the Sofitel Chicago Water Tower. The Loews Chicago Hotel also becomes the newest member of the ALHI City Solutions Collection which features 61 ALHI Four- and Five-Diamond quality member hotels from numerous metropolitan areas around the world.

Renderings Courtesy of: www.scb.com



CVMC REIT Pays $211.7 Million for 250,000-Square-Foot Chicago Data Center

28 May 2014, 10:06 pm

By Gabriel Circiog, Associate Editor

Carter Validus Mission Critical REIT Inc. has acquired the Chicago Data Center Facility in the Northlake suburb of Chicago for $211.7 million. The REIT will provide new capital for the continued build out and expansion of the facility.

“This property represents our largest single portfolio acquisition to date and demonstrates our continuing commitment to the data center space,” says John Carter, CEO of CVMC REIT.

CVMC REIT acquired the data center from Ascent and according to the announced partnership agreement Ascent will continue to manage operations, engineering and construction at the site.

“Partnering with CVMC REIT allows Ascent to concentrate on building out our current portfolio of data center facilities and increase strategic investment in the development of future locations,” says Phil Horstmann, CEO of Ascent. “CVMC REIT’s commitment to the data center space is the perfect complement to our design, construction and operational capabilities, strengthening our ability to provide current and future customers with the innovative solutions and mission-critical services they demand.”

The Chicago Data Center, a 250,000-square-foot multi-tenant facility, features Ascent’s purpose-built Dynamic Data Center SuiteSM model and shared infrastructure colocation suites. The facility has been designed for a wide range of customers with diverse computing and power density requirements, accommodating critical power requirements from less than 1 MW up to 20 MW of gross power.

“Given this property’s desirable location and long term leases with high-quality tenants, we believe that the Chicago Data Center is a great addition to our growing portfolio of mission critical real estate assets,” says Michael Seton, president of Carter/Validus Advisors, the advisor to CVMC REIT. “We look forward to our relationship with Ascent, a recognized leader in the data center industry, who will continue to manage and develop the property for CVMC REIT.”

Logo Courtesy of: www.cvmissioncriticalreit.com



Brennan Investment Group and Westminster Capital Sell Ogden Corporate Center

21 May 2014, 10:25 pm

By Gabriel Circiog, Associate Editor

Chicago-based Brennan Investment Group LLC and its joint venture partner Lake Forest, Ill.-based Westminster Capital recently announced the sale of Ogden Corporate Center to a private investor.

“This was our first investment with Brennan Investment Group,” says Mark Mazur, managing principal of Westminster Capital. “The Brennan and Westminster teams were aligned in our investment approach on this asset, identifying opportunities with a value proposition and leveraging our experienced platforms to create value and maximize returns. Westminster looks forward to more investments with Brennan.”

Located at 801-815 Ogden Avenue in Lisle, Ill., Ogden Corporate Center consist of two, single story, Class A office buildings. The property is fully leased to three tenants with the majority of space being occupied by an affiliate of DuPage Medical Group under a long-term lease. When the buildings were acquired by Brennan Investment Group in 2012 they had significant vacancy and occupancy was raised to 100 percent shortly after the acquisition.

“Although not an industrial asset, the purchase and sale of Ogden Corporate Center represents one of Brennan Investment Group’s strategies, of acquiring special circumstance properties, and adding value by leasing and improving the property, and selling upon stabilization, maximizing investor returns,” says Scott McKibben, managing principal and co-founder of Brennan Investment Group.

Brennan Investment Group acquires, develops and operates primarily industrial properties in select major metropolitan markets across the U.S. The company’s current portfolio spans 21 states and features over 15 million square feet.

Logo Courtesy of: www.brennaninvestmentgroup.com



Historic 850 Lake Shore Drive Earns Recognition from Chicago Association of Realtors

14 May 2014, 3:29 pm

By Gabriel Circiog, Associate Editor

The conversion of the historic Lake Shore Athletic Club building into luxury apartments has won the 2014 Chicago Association of Realtors Good Neighbor Award. The distinction honors groundbreaking new and newly rehabbed or redeveloped properties in the Chicago metropolitan region that have augmented economic vibrancy in their neighborhood and boosted local pride.

“Good Neighbor Awards demonstrate how real estate works to build stronger, vibrant communities,” says Matt Farrell, president of the Chicago Association of REALTORS® and managing partner at Urban Real Estate. “This is one of our association’s most important programs because it recognizes properties that exemplify how real estate can positively impact neighborhoods by fulfilling a need, helping the economy and boosting civic pride.”

The 850 Lake Shore Drive transformation project was developed by locally-based Integrated Development Group LLC in partnership with the National Electrical Benefit Fund. Originally built in 1927, 850 Lake Shore Drive opened as the exclusive Lake Shore Athletic Club. Integrated Development Group unveiled plans to convert the vacant building to luxury apartments in 2013 and, under the direction of architects Booth Hansen and general contractors Lend Lease and Valenti Builders, undertook the thorough renovation.

The recently reopened structure features 198 modern residences and upscale amenities such as a fitness center, indoor pool, business center, rooftop deck and a 3,500-square-foot “White Room” which includes a bar, flat screen TVs and billiards table. Residents can choose from over 60 floor plans ranging from studios to three-bedroom duplexes. Rents range from $2,190 to $12,000 per month.

“We’re honored to be recognized for this prestigious award,” says  Matthew Phillips, CEO and President of Integrated Development Group. 850 Lake Shore Drive was a unique opportunity to save a building that was significant to the community, and we’re grateful that the real estate industry recognizes the building’s historic value and has been receptive to its new life as luxury rentals in Chicago.”

850 Lake Shore Drive is managed by Seneca Real Estate Advisors, with leasing and marketing being provided by @properties.



Luxury Boutique Hotel Announces Opening in Chicago’s Andersonville Neighborhood

7 May 2014, 8:53 pm

By Gabriel Circiog, Associate Editor

The Andersonville Guesthouse is set to expand and upon reopening, in the summer of 2014, will be rebranded into The Guesthouse Hotel.

Located at 4866 North Clark Street, in Chicago’s Andersonville neighborhood, the former 10-unit boutique hotel will expand into a 25-unit luxury accommodation through the construction of a new building next to the existing hotel.

The Guesthouse Hotel aims to be the first luxury boutique hotel on Chicago’s Northside that allows guests to “live like a local” within a home-like setting. “Our guests have the opportunity to live like a local and take advantage of our proximity to Wrigley Field and downtown Chicago, wonderful restaurants, and shopping in the surrounding Andersonville, Uptown, and Lincoln Square neighborhoods,” said co-owner Simona Krug.

The hotel will feature one- and two-bedroom suites which will offer numerous comforts found in the hotel’s current two- and three-bedroom units, such as spa-like master bathrooms, gourmet kitchens and private outdoor area. The boutique hotel will also include penthouse units with private rooftop garden access. The new construction will have a spacious lobby with a reception area and retail space, library, club room, and exercise room.

“We want to create a different experience for travelers coming to Chicago – one that focuses on local neighborhood culture, offers comfort and independence, like that of your own home, and provides luxury accommodations at an affordable cost,” says Dave Krug, co-owner of The Guesthouse Hotel. “Our vision is to create a perfect hotel option for small groups or families where they have all of the home amenities in a popular Chicago neighborhood.”







One Response to Chicago Archive

  1. Joselyn Overley

    Sep. 26, 2011 at 12:58 pm

    I just think it’s too hard for small businesses to try to purchase a property, renting or leasing is their only real option

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