Morguard buys out CIM’s stake in massive luxury Loop apartment complex

Canadian investor paid far less than what the 690-unit Marquee at Block 37 had been valued at 2 years ago

Chicago /
Nov.November 07, 2019 04:00 PM
Marquee at Block 37 with CIM Group’s Shaul Kuba and Morguard CEO Rai Sahi

Marquee at Block 37 with CIM Group’s Shaul Kuba and Morguard CEO Rai Sahi

Morguard North American Residential REIT is buying out CIM Group’s stake in the Block 37 luxury apartment building in the Loop.

The Canadian investor group is paying a reported $384,000 per unit for the 690-unit Marquee at Block 37, according to Crain’s, which first reported on the story. That would peg the total value of the 34-story building at $265 million. That’s far below the $600,000 — $414 million — that CIM and Morguard hoped to get a couple of years ago.

In July, CIM Group and Morguard again began shopping for offers to sell the complex. Eastdil Secured was hired to sell the building, at a time when the Downtown apartment market was riding high. That high is now a little lower.

The deal is expected to close next month, with Morguard acquiring a 51 percent interest in the Marquee, at 25 W. Randolph St. The deal would make Morguard, a Canadian investor group, the sole owner. It already controlled 49 percent of the apartment tower, which stands atop — but does not include — Block 37 mall.

Last month, CIM Group and Golub & Company were nearing approval with the city for their proposed 1,422-foot skyscraper next to the Tribune Tower, which the partnership is developing into condos. [Crain’s] — Jacqueline Flynn


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