The 29-39 South La Salle transaction closed on July 8, 2004. The press release follows below.
29 AND 39 SOUTH LASALLE ACQUIRED BY HAMILTON PARTNERS AND LONGWING REAL ESTATE VENTURES
CHICAGO (August 8, 2004) -- Two central Loop office buildings, 29 S. LaSalle St. and 39 S. LaSalle St., have been purchased by a joint venture of Hamilton Partners, a Chicago-based private real estate company, and Longwing Real Estate Ventures, LLC, a New York-based private real estate company. This is Hamilton's second Chicago central business district acquisition in three years.
The seller was a joint venture between Seymour N. Logan Associates and Pritzker Realty, which has owned the properties since 1966.
"We view this location as one of the finest in Chicago and believe these properties will complement other long-term core holdings for Hamilton Partners," said Bob Klauseger, partner on the project for Hamilton Partners. "The existing tenancy of these vintage buildings make this investment a solid performer from the start."
The 29 S. LaSalle St. building, constructed in 1902, is 13 stories with 195,000-square-feet of office space. Built in 1893, 39 S. LaSalle St.is 14 stories with 215,000 square feet of space. Together the properties cover nearly 40,000 square feet of land fronting the city's LaSalle Streetfinancial district canyon.
"Our immediate plan is to improve tenant services, which includes new elevators in both buildings," Klauseger said.
As a privately owned real estate development and investment firm, Hamilton Partners owns more than 21 million square feet of existing office, industrial and retail projects throughout the Chicago area. For more information on 29-39 S. LaSalle or other Hamilton Partners' projects, call Hamilton Partners at 630/250-9700 or visit its Web site at www.hamiltonpartners.com.
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