Bridge Makes First Downtown Buy with One North LaSalle
The 47-story One North LaSalle has traded to Bridge Investment Group’s office division after two and a half years of ownership by Hilco Global and two MB Real Estate executives. The purchase price was not disclosed. Crain’s Chicago Business reported earlier this year that the Hilco partnership was seeking bids of $125 million on the vintage office tower.
The 493,738-square-foot One North LaSalle is Bridge’s first downtown investment, although it owns several properties in Chicago’s suburbs. “The repurposing of existing office properties in the CBD for other uses has created a scarcity of creative office space sought by today’s workforce,” said Bridge’s Brian Tretinik. “One North LaSalle checks all the boxes for capitalizing on this opportunity.”
Bridge Commercial Real Estate, the operating company for Bridge Office, will oversee the leasing which will be led by JLL’s Melissa Rubenstein, Annie Nicolau, and Jay Miller. The property is currently 84.6% leased.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).