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Newcastle Limited Negotiates $16,500,000 Sale of Loyola University Chicago’s Forest Park Office Building

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March 17, 2004
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CHICAGO – Newcastle Limited represented Loyola University of Chicago in the $16,500,000 sale of a 210,000 SF five-story contemporary office building in Forest Park, IL, announced Michael R. Haney, President of Chicago-based real estate firm. Newcastle Limited is a national real estate advisory and development firm serving not-for-profit corporations, institutions, investors, corporations and governmental agencies.The building, located at 8601 West Roosevelt Road, occupies a high-profile corner site at Roosevelt Road and 1st Avenue. Built in 1990, the facility has flexible 36,700 SF floorplates, top-quality mechanical systems, a marble lobby, full-service kitchen, cafeteria, basement storage, security infrastructure and other amenities. The 8.56-acre site provides parking for up to 840 vehicles.The buyer is Maywood, IL-based Proviso Township School District 209, which plans to retrofit the building into a magnet school, called Proviso Central Math and Science Academy, that will accommodate 1,200 students. The property acquisition and capital-improvement program will be financed through a $40,000,000 bond issue. The new school is scheduled for occupancy during August of 2005 with classes starting that fall.“This property was offered through a sealed-bid process, and the district was one of the bidders. Our team was able to demonstrate the value of the property to the district and help structure a sale of the property without resorting to costly condemnation litigation,” Haney said. The law firm of Foran, Nasharr and O’Toole played an important part in the negotiations.The Proviso Township High School District 209 operates two campuses – Proviso East, built in 1910 in Maywood, and Proviso West, built in 1958 in Hillside – with more than 4,200 students in grades nine through 12 in 10 west suburban communities.

The building was developed to house the University’s administrative, information technology and finance departments; however, Loyola has decided to relocate its staff to other locations as part of its overall real estate strategy.Loyola University Chicago, ranked as a top national university and a “best value” for higher education by U.S. News & World Report, is one of the largest of the 28 Jesuit universities and colleges in the United States. Loyola has four campuses, three of which are in the greater Chicago area including the Water Tower Campus, the Lake Shore Campus on the North Side, and the Medical Center Campus in west suburban Maywood. It also has the Rome Center of Liberal Arts in Italy. To learn more about Loyola, visit the university’s website at www.luc.edu or contact Philip Hale, Vice President of Public Affairs at (312) 915-7800.Recently Newcastle represented Loyola University Chicago in the disposition of its 17-acre Mallinckrodt Campus to the Wilmette Park District; represented 73 owners in the $35,000,000 disposition of the historic, 1,300,000 SF, 14-acre South Water Market; represented Baxter International in a sealed-bid disposition of a 70-acre development property in Lake County; and represented the Eleanor Women’s Foundation in the disposition of its 1550 North Dearborn Parkway building to The Latin School of Chicago. The company is currently representing Loyola University Chicago in the development of a 24,800 SF high-rise site within its Water Tower Campus.

About Newcastle Limited

Chicago-based Newcastle Limited is a national commercial real estate firm serving governmental agencies, institutions, not-for-profit organizations, 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, call Mike Haney at (312) 252-1401 or visit the company website at www.newcastlelimited.com.