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Hines Goes Under Contract for Goose Island Offices
Hines is betting on Goose Island with a $47-million deal for a revamped office property, reported Crain’s Chicago Business. The Houston-based company is under contract to buy the 157,450-square-foot office building at 1315 North Branch St. from R2.
The two-story brick building is fully leased to tenants that include CB2, Lakeshore Beverage, Elite Staffing and logistics firm Transportation One. It has more than seven years of average weighted lease term, Crain’s reported.
The deal would mark R2’s second Chicago property sale to Hines in recent months, and Hines’ third North Side acquisition. Hines late last year paid more than $30 million for an R2-owned building at 2501 W. Bradley Pl., home to WGN-TV’s studio.
That in turn followed another deal in which Hines paid close to $100 million for Bradley Business Center, a four-building, 467,000-square-foot office and industrial campus just north of the WGN property.
- ◦Sale/Acquisition
