My good friends over at Crain’s Chicago Business have broken some big news when it comes to office building sales. The Hyatt Center, a 49-story tower in downtown Chicago owned by the Pritzker family, has sold to Irvine Cos. for $625 million.
(Crain's) — A Southern California real estate firm has a contract to buy the Hyatt Center from the Pritzker family for about $625 million, people familiar with the transaction confirmed Tuesday night.
Irvine Cos., whose chairman is longtime developer Donald Bren, has agreed to buy the curving, 49-story trophy tower at 71 S. Wacker Drive in a deal expected to close in less than 10 days.
The price, about $419 per square foot, surpasses expectations set in August, when Pritzker Realty Group LLC put the nearly 1.5-million-square-foot skyscraper on the market. At the time, the price was predicted to be about $390 a square foot.