The Irvine Company today announced that it has acquired Hyatt Center, an award-winning 48-story, 1.5 million square foot office property located at 71 South Wacker Drive, the most sought-after location at the intersections of Wacker Drive with Monroe Street and Franklin Street in the West Loop sub-market of Chicago’s premier Central Business District. Designed by renowned architect Henry Cobb of Pei Cobb Freed & Partners, the office building was completed in 2005. Hyatt Center offers a distinctive and elegant elliptical design, which provides tenants with maximized setbacks and more expansive views than a conventional skyscraper. Additional amenities include a restaurant, two restaurant-quality tenant cafeterias, fitness and conference centers and a concierge service.
The project is leased to tenants who represent some of the most prestigious hospitality, legal, financial services and technology companies in the country, including The World Headquarters for Hyatt Hotels and law firm Mayer Brown, LLP, as well as regional offices for Citizen, RBS, Goldman Sachs, and IBM. The Tower is also home to several leading professional services companies including Towers Watson, one of the world’s preeminent management consulting firms. In addition, Hyatt Center is a leader in environmentally friendly technologies, as evidenced by the property’s recent certification as the first ever LEED Platinum, the highest environmental recognition of its kind.
“The Irvine Company has been and will continue to be geographically focused on its core California real estate markets. The acquisition of Hyatt Center, however, represents a unique opportunity to invest in one of the finest projects of its kind in the United States. We are pleased to have successfully concluded the transaction,” said Doug Holte, president of Irvine Company Office Properties. “The project is an iconic and elegantly designed Class A+ building in one of the most vibrant cities in the country. We are committed to upholding the high standard for operational excellence that has made this property a sought-after home to some of the most respected businesses in the U.S.”
“We are very pleased to transition ownership (and management) of Hyatt Center to an owner with the reputation and experience of the Irvine Company, which has a long-term commitment to its properties, its tenants and the community,” said Penny Pritzker, Chairman and CEO of Pritzker Realty Group, the developer and former asset manager of the project.
The acquisition of Hyatt Center continues the Irvine Company’s efforts throughout the past two decades to diversify its investment property holdings beyond its original Orange County, California market. The company now has substantial holdings in San Diego, Los Angeles and Silicon Valley, California, and will consider income property investments outside of California on a very select basis.
The property has earned numerous awards and nominations for its superior design and operational excellence including: the 2005 Greater Chicago Commercial Real Estate Development of the Year Award; BOMA Chicago’s 2006-2007 and 2008-2009 Office Building of the Year Awards; BOMA International’s 2008-2009 North Central Region Office Building of the Year Award for properties greater than 1,000,000 RSF and a 2010 City of Chicago Green Office Challenge Award.
About the Irvine Company
Founded in 1864, the Irvine Company is an internationally renowned real estate development company known for its award-winning master-planned communities, its vast portfolio of high-quality investment properties, and its leadership in conservation and natural resource management. The growing real estate portfolio encompasses office, apartment, retail and resort holdings located throughout California’s premier markets, including assets in San Diego, Orange and Los Angeles Counties, and holdings in Northern California. As a steward of some of America’s most beautiful and scientifically important open space and parklands, the company has donated to Orange County more than half of the historic 93,000-acre Irvine Ranch in Orange County — 50,000 acres — to permanently preserve these lands. The U.S. Department of Interior and the State of California have designated these parklands as “Natural Landmarks,” one of the most prestigious land preservation designations. The privately held, diversified company traces its roots to the 1860s with the formation of The Irvine Ranch® from Mexican and Spanish land grants.
About Pritzker Realty Group
Pritzker Realty Group was established by Penny Pritzker in 1991 to oversee the non-hotel real estate investments owned by the business interests of the Pritzker family. Investments managed by Pritzker Realty Group included apartment buildings, office and industrial developments, parking lots, and senior living facilities across the U.S. with a combined value in excess of $5 billion. Among the company’s significant achievements were the development, leasing and management of the 48-story Hyatt Center in downtown Chicago. Today, Pritzker Realty Group is focused on new investment opportunities, particularly Class A multi-family properties.