Newcastle Limited Negotiates Sale of Jewelers Row Properties to Mesa Development
Newcastle Limited represented the Art Institute of Chicago in the sale of three buildings located at 21-29 South Wabash Avenue to Chicago-based Mesa Development in a sealed-bid transaction.
(PRWEB)
September 10, 2005 -- Newcastle Limited represented the Art Institute of Chicago in the sale of three buildings located at 21-29 South Wabash Avenue to Chicago-based Mesa Development in a sealed-bid transaction.
Located in the Wabash Avenue and State Street retail corridor, the Jewelers Row Properties consist of three buildings: 21-23 South Wabash, 25-27 South Wabash, and 29 South Wabash totaling 176,700 gross square feet of space on a 28,400 square-foot site.
“We are pleased to complete this complex transaction for the Art Institute because it eliminates ownership costs for three underutilized buildings and it provides more than 40,000 square feet of brand new expansion space for the School in the base of Mesa’s new tower” said S.L. van der Zanden, Managing Principal of Newcastle Limited.
Mesa Development purchased the buildings 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 at 60 E. Monroe via an easement through the School of the Art Institute’s headquarters at the corner of Monroe and Wabash. The School of The Art Institute of Chicago will occupy space on the second and third floors which will be connected directly to their adjacent property. In addition, an 18,000-square-foot athletic facility with a pool, squash courts and workout rooms will be developed on the 13th and 14th floors of the project for the University Club of Chicago and connected to the Club via a 13th-floor sky bridge.
About Newcastle Limited
Newcastle Limited is a national commercial real estate firm serving 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.
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.