CHICAGO – Newcastle Limited* represented the Art Institute of Chicago in the sale of three low–rise buildings located at 21–29 South Wabash Ave. to Chicago–based Mesa Development in a sealed–bid transaction. Newcastle Limited is a national real estate advisory and development firm serving not–for–profit organizations, institutions, investors and corporations.The Jewelers Row Properties consisted of three buildings totaling 176,700 gross square feet of space on a 28,400–square–foot site. The buildings were purchased by Mesa Development to construct a 71–story, 360–unit residential condominium building that will feature unobstructed views of the lakefront and Millennium Park. The luxury residences will occupy the building’s 15th through 71st floors and will be accessed via an easement through the School of the Art Institute’s headquarters at 60 East Monroe Ave. The School will occupy space on the second and third floors which will connect directly to their adjacent property.
“This complex transaction helps the Art Institute eliminate ownership costs for the underutilized buildings and provides more than 40,000 square feet of space for the School of the Art Institute in the new building,” said S.L. van der Zanden, Managing Principal of Newcastle Limited.Recently, Newcastle represented the Art Institute on the sale of the White Tower Building at 847 West Jackson, led efforts to establish the new Devon/Sheridan TIF District on behalf of Loyola University, arranged the sale of the Ruben’s Baby Factory property to DePaul University, and advised Metropolitan Family Services on the sale of its 116–acre Camp Algonquin to the McHenry County Conservation District.
About Newcastle Limited
Chicago–based Newcastle Limited is a national commercial real estate firm serving institutions, not–for–profit organizations, institutions, corporations and private investors. The firm’s strategic advisory, development and investment services are designed to reduce project risk and maximize asset value. To learn more about Newcastle, contact Mike Haney, President, at (312) 252–1401 or visit the company website at www.newcastleinvestors.com.
About Mesa Development
Mesa Development is a real estate development and investment company with proven leadership in the development, design and construction of a wide range of residential, mixed–use and corporate developments. Recent projects include the nearby “Heritage at Millennium Park” with luxury residential condominiums at Wabash and Randolph.