MBRE, Partners Co-Invest in Streeterville MOB/Hotel/Garage
MBRE Healthcare, Arbor Lodging Partners and Metro Park Inc. have co-invested in 93,000 square feet of medical office space, a 352-room dual-branded hotel and a 225-stall parking garage at 150 and 160 E. Huron Street in Streeterville. Terms were not disclosed; the hotel portion reportedly traded for $36 million.
The 40-story property consists of three property types that are vertically subdivided into medical office space (floors 7-13), a 127-room Homewood Suites and 225-key Hampton Inn (floors 14-40) and a valet parking garage (floors 2-6). Arbor plans $7 million in renovations to the hotels.
“We’re excited to own and manage this well-located, urban property with phenomenal healthcare tenants, including Northwestern Memorial Hospital, University of Chicago Medicine and the Eating Recovery Center,” says Peter Westmeyer, president of MBRE Healthcare. “The closing of this deal adds to an already robust year of growth for our company across the country.”
Get to know us and Chicago’s commercial real estate elite at Connect Media’s Chicago launch event, scheduled for Nov. 8.
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).
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!