CHICAGO – Newcastle Limited* has been retained by the Chicago Athletic Association to assist in a strategic action plan that will market its excess space, enhance the value of the association’s membership and build on its prestigious legacy. The plan will encompass a sealed-bid process of a portion of the 215,000 square–foot property located at 12 South Michigan Avenue and 71 East Madison Street.
Located in the East Loop submarket, the Chicago Athletic Association is a private club that offers an array of amenities for distinguished Chicago business and professional people. The historical property was initially built in stages as two separate buildings that were later combined into one building. The 12 South Michigan Avenue building was constructed in 1893 by the Chicago Athletic Association. The 18–story building at 71 East Madison Street was constructed in 1905 and expanded in 1926 to provide guest rooms, additional meeting rooms and banquet facilities.
Newcastle Limited, a national real estate advisory and development firm serving not–for–profit organizations, institutions, investors, corporations and governmental agencies has worked closely with the Chicago Athletic Association Board of Directors to create the strategic plan. The plan will address financial changes, create enhanced value for the members, and provide the foundation needed for the athletic club to flourish for many generations.“Although we are broadly marketing this opportunity, we believe that it will be most appealing to hotel, residential and training facility operators. Both buildings have historic significance and an incredible location which provides a rare opportunity for redevelopment of the excess space.” said S.L. van der Zanden, Managing Principal of Newcastle Limited.
About Newcastle Limited
Chicago–based Newcastle Limited is a national commercial real estate firm whose strategic advisory, development and investment services are designed to reduce project risk and maximize asset value. To learn more about Newcastle Limited, call Mike Haney at (312) 252–1401 or visit the company website at www.newcastleinvestors.com.
About Chicago Athletic Association
Chicago Athletic Association (CAA) was formed in 1890, in part to host the International Games of the Columbian National Exhibition of 1893. The clubhouse was designed by architect Henry Ives Cobb, who along with fellow founding members Marshall Field, A.G. Spaulding and Cyrus McCormick, sought to develop an institution designed to “encourage all sports and promote physical culture and social activities” among the membership. Home of the Ring Lardner Award for Excellence in Sports Journalism, benefiting the Tim Weigel Scholarship Fund, the CAA is the home for athletics, business and dining for Chicago’s elite.