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REA
June 26, 2019  

CIM Team Dealing Luxury Rentals in Chicago

The residential portion of Chicago’s Block 37 mixed-use complex has hit the market.

The 690-unit luxury tower, called Marquee at Block 37, is valued at roughly $300 million, or $435,000/unit. Eastdil Secured is marketing it for a partnership between CIM Group of Los Angeles and Canada-based Morguard.

The 34-story, glass-clad building is at 25 West Randolph Street, at the northern end of a complex that also includes a four-story retail center, an underground garage and a separately owned office tower. Together they fill the downtown block bounded by State, Randolph, Dearborn and Washington Streets.

The apartment building opened three years ago and is roughly 93% occupied. Its studio to three-bedroom units have upscale finishes and the upper floors offer wide views. Amenities include a rooftop spa and fitness center and a fifth-floor amenity deck with an outdoor pool and spa, cabanas, fire pits and grilling stations. The property also has a game room, a business center and conference rooms, a cinema lounge, an event room and catering kitchen, and coffee bars.

The Block 37 complex was developed in stages. The 439,000-square-foot office tower, completed in 2008, is owned by PGIM Real Estate. The 280,000-sf retail center opened in 2009, in the teeth of the recession. Two years later, Bank of America foreclosed and seized the property from local developer Joseph Freed.

In 2012, CIM paid $84 million for the mall, which was 26% occupied at the time. Two years after that, it began construction of the Marquee atop a portion of the retail structure, in partnership with Morguard, which took a 49% interest.