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MB Real Estate JV Acquires West Loop Offices
A joint venture that includes senior executives Kevin Purcell and Peter Westmeyer from MB Real Estate (MBRE), Hilco Redevelopment Partners and Origin Investments, has acquired 549 W. Randolph in the West Loop for an undisclosed sum. MBRE will provide leasing and asset management services for the seven-story, 123,835-square-foot property.
The vintage timber loft building, with floorplates of almost 17,000 square feet, is located on West Randolph Street, across the street from Ogilvie Transportation Center and the French Market and within walking distance to Fulton Market and Chicago’s Restaurant Row, as well as the Central Loop.
“549 West Randolph has it all: proximity to transportation, neighborhood dining and entertainment and Fulton Market, as well as the cool loft architecture that tenants are seeking,” said Purcell.
The property was constructed in 1909 and originally home to William J. Moxley’s Butterine Company. It was repositioned as offices in 1983.
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