CHICAGO – Newcastle Limited represented the Art Institute of Chicago in the sale of the White Tower Building located at 847 West Jackson Boulevard and 315 South Peoria Street, to Maryland–based firm Cormony Development in a sealed–bid transaction.The 10–story, 235,000 square foot commercial steel and reinforced–concrete structure is comprised of two buildings that form one structure and is the tallest building within a three–block radius. The property includes 9,000 square feet of excess land and 21,400 square feet of flexible floorplate accommodations.
Cormony’s redevelopment plan includes the renovation of the entire building, facade and mechanical systems as well as the construction of a multi–story parking structure on the current surface parking and the conversion of the upper floors to residential condominiums.
“This complex transaction is a win–win situation for everyone involved,” said S.L. van der Zanden, Managing Principal of Newcastle Limited. “It allows Cormony Development to maximize the value of the property through conversion of the upper floors to residential condominiums, while allowing the School of the Art Institute to retain and lease back more than 40,000 square feet for use as exhibition space.”
Centrally located on Chicago’s Near West Side, the White Tower Building is in a booming neighborhood known for its convenience and rich culture. The area has seen significant redevelopment over the past fifteen years, ranging from loft conversions to new high rises, such as the 37–story Skybridge project. The property’s close proximity to the Loop, public transportation, and regional highways offered a rare investment opportunity to Cormony Development.
About Newcastle Limited
Newcastle Limited is a national commercial real estate firm serving institutions, not-for-profit organizations, corporations, and private investors. The firmís 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.