Historic Gold Coast Showroom Space Trades for $45M
Fundamental Income, a Phoenix- based net lease real estate platform, purchased RH Chicago, The Gallery at the Historic Three Arts Club for $44.7 million. The Gold coast property at 1300 N. Dearborn St. was acquired subject to an in-place, long-term lease to RH (formerly Restoration Hardware).
It’s the first Chicago-area deal for Fundamental Income, which is managed by Brookfield Asset Management. Built in 1914, the 70,000-square-foot property was redeveloped into a showroom and restaurant by David Nelson’s Convexity Properties.
“We jumped at the opportunity to acquire a one-of-a-kind historic asset occupied by an innovative organization that is changing the retail customer experience” said Fundamental Income CIO Alexi Panagiotakopoulos. “David and his team at Convexity did a magnificent job renovating this property and made a vision a reality. It was a pleasure working directly with David, his team, and Michael Marks of Cushman & Wakefield in a seamless transaction.”
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).