CHICAGO – Newcastle Limited represented the 103-year-old Eleanor Women’s Foundation in the sale of its property at 1550 North Dearborn Parkway, Chicago, to The Latin School of Chicago, a 113-year-old college-preparatory school, for $8,300,000 in a sealed-bid transaction, announced Michael R. Haney, Managing Director of the Chicago-based real estate firm, retained by the foundation to provide disposition services. Newcastle Limited is a national real estate advisory and development firm serving not-for-profit organizations, institutions, investors, corporations and governmental agencies.
Long one of Chicago’s most coveted sites, the 22,500 SF property is located on the southwest corner of Dearborn Parkway and North Avenue in Chicago’s prestigious Gold Coast neighborhood, overlooking the southern portion of Lincoln Park, two blocks west of Lake Michigan. From 1956 to 2001, the Foundation housed single working women on a temporary basis in its 60,000 SF, 122-room dormitory building, known as the Parkway Eleanor Club. The Foundation closed its residence on September 30 of this year, but may continue to lease space on a temporary basis.
“The sale of this property enables us to take the next step in our mission to expand opportunities for women and girls to achieve economic self-sufficiency. We will now be in a position to address more issues and serve many more women and girls,” said Dr. Alison R. Hilsabeck, Chair of the Foundation’s Board of Directors.
According to Haney, the property attracted a high level of interest from the real estate community. “The response to our sealed-bid offering was significant. We received a dozen offers from credible buyers; however, The Latin School’s offer was a win-win transaction for both of these not-for-profit Chicago institutions,” he said.“This acquisition will position the school to expand its Gold Coast campus in an efficient manner,” Haney said, referring to The Latin School’s Middle and Upper School at 59 West North Boulevard and the Lower School at 1531 North Dearborn Parkway.As part of the agreement, The Latin School will establish a four-year scholarship in the name of Eleanor founder, Ina Law Robertson, to be awarded in perpetuity starting in 2002. The Latin School was represented in the transaction by Martin Stern, Senior Vice President with Chicago-based U.S. Equities Realty, Inc.After the closing, Dr. Hilsabeck said, “I am struck by the way in which the Eleanor’s capacity to help women and girls has benefited by the coming together of a group of people with both extraordinary talent and the simple desire to do good things.”The rich tradition of the Eleanor Women’s Foundation dates back to 1898 when Miss Robertson, with a small grant from John Law, opened the first residence, called Hotel Edwards, for 28 women, many of whom worked as “shop girls” at Marshall Fields. The hotel soon changed its name to Hotel Eleanor. Eleanor, which means “light,” represents Miss Robertson’s belief in the “light-giving power of the service young women could render our city,” she said. To learn more, visit the Foundation’s website at www.eleanorfoundation.org or call Rebecca Sive at (312) 397-9857.
The Latin School of Chicago provides a rigorous, coeducational, non-sectarian college-preparatory education in the classical tradition, which includes the study of the Greek and Latin languages – hence, the name, “The Latin School.” Today the school serves 1,080 students from junior kindergarten through grade twelve. To learn more, visit the school’s website at www.latinschool.org.
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.