Irvine Co. said it purchased Hyatt Center, a 48-story office tower in downtown Chicago, from the Pritzker family. The price was $625 million, according to a person with knowledge of the transaction.
The 1.5 million-square-foot (139,000-square-meter) tower on Wacker Drive was developed by Pritzker Realty Group, founded by Penny Pritzker in 1991 to oversee her family’s non-hotel properties, Newport Beach, California-based Irvine Co. said in a statement today. The person with knowledge of the deal isn’t authorized to disclose the price and asked not to be identified.
Closely held Irvine Co. “has been and will continue to be geographically focused on its core California real estate markets,” Doug Holte, president of Irvine Co. Office Properties, said in the statement. “Hyatt Center, however, represents a unique opportunity to invest in one of the finest projects of its kind in the United States.”
The tower, completed in 2005, includes a restaurant, two tenant cafeterias, and fitness and conference centers, according to the statement.
The Pritzkers sold shares of Hyatt Hotels Corp. in an initial share sale last year. The lodging company has its headquarters at Hyatt Center, located at 71 S. Wacker Dr.
The sale is the second large office sale in Chicago in the past week. Tishman Speyer Properties LP announced the purchase of a 46-story property at 353 N. Clark St. on Dec. 15. The price was $385 million, according to a person with knowledge of that transaction.
The Wall Street Journal and Crain’s Chicago Business reported on Dec. 14 that Irvine Co. was planning to buy Hyatt Center for $625 million, citing people familiar with the agreement who they didn’t identify.