The price paid for the Hyatt Centre has not been confirmed by its new owner, the Irvine Company, but the Wall Street Journal has revealed the figure it believes the firm is to outlay on the 48-storey site in the West Loop area of Chicago’s central business district.
Having been built back in 2005, the centre incorporates a restaurant, conference centres and a fitness area but its primary use is as office space for a variety of high-profile companies operating out of Illinois.
Hyatt Hotels has its world headquarters at the site and dozens of its staff operate alongside those including IBM, RBS and Goldman Sachs, who all have regional bases in office space at the Hyatt Centre.
Bosses at the Irvine Company are very pleased with their acquisition and have noted the environmental performance of the modern office tower in downtown Chicago, which boasts a Platinum LEED sustainability rating.
“The project is an iconic and elegantly designed Class A+ building in one of the most vibrant cities in the country,” reckoned Doug Holte, president of Irvine Company Office Properties.
“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 US.”
The acquisition of the Hyatt Centre is the first by the Irvine Company in the Chicago area but the real estate operator owns millions of square feet of office space to rent in the cities of San Diego and Los Angeles, California.
Elsewhere in the same state, a mobile application development company called Mutual Mobile recently revealed its plan to open a new office in San Francisco, in an effort by the Austin-based business to establish itself on America’s west coast.
Editor’s notes: There is a wide range of flexible office space and workspace solutions in Chicago that provide alternatives to renting office space on conventional leasehold terms.
Private serviced office suites are available from a wide range of flexible workspace providers with the cost to rent a desk in the Downtown area at approximately $195 per desk per month, South Loop at $285 per desk per month, West Loop from $325 per desk per month, South Side at $315 per desk per month.
River North commands the highest rent at $325 per desk per month and the area Near North Side and the Magnificent Mile at $265 per desk per month.
You can view examples of serviced office spaces in Chicago here.