The price paid for the Hyatt Center has not been confirmed by its new owner, the Irvine Company, but the Wall Street Journal has revealed the figure it believes the firm will outlay for 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 Center is the Irvine Company’s first in the Chicago area, but the real estate operator owns millions of square feet of office space for rent in the cities of San Diego and Los Angeles, California.
Elsewhere in California, 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: When Hyatt relocated its global headquarters to 150 North Riverside in 2017, the Irvine Company renamed the building to its primary address, 71 South Wacker Drive.
There is a wide range of flexible office and workspace solutions in Chicago that offer alternatives to renting office space under conventional leasehold terms.
Private serviced offices, managed offices, and coworking spaces are available in the Downtown area, South Loop, West Loop and South Side.
River North, the area near the North Side, and the Magnificent Mile also offer flexible office space and workspace solutions.
You can view examples of serviced office spaces in Chicago here.