Hines pays about $31M for WGN-TV studio

Texas-based developer bought WGN-TV studio across the street from recently acquired Bradley Business Center

Chicago /
Nov.November 22, 2021 03:11 PM
The WGN-TV building and Hines CEO Jeffrey Hines (WGN-TV, Hines)

The WGN-TV building and Hines CEO Jeffrey Hines (WGN-TV, Hines)

Texas developer Hines is betting that Chicago’s North Center will generate big returns. The company, after acquiring the Bradley Business Center for almost $100 million, is buying another 10-acre property across the street.

Hines Global Income Trust, an affiliate of Hines, is under contract to pay about $30.5 million for WGN-TV’s studio at 2501 West Bradley Place, Bisnow reported. The seller is R2 Companies, which gained from the sale after buying the site for $22.2 million four years ago. R2 took out a $12 million mortgage on the property, according to Bisnow.

Plans for the WGN property haven’t been undisclosed, but the television station’s lease agreement for the 131,000-square-foot building doesn’t expire for more than five years.

The Bradley Business Center at 2500 West Bradley Place, for which Hines agreed to pay about $97.3 million, is zoned for as much as 1.6 million square feet of space, giving an option for Hines to expand the campus to WGN. The four-building, 23-acre industrial and office complex is 96 percent leased with tenants including RCN of Chicago, multiple medical offices and other businesses such as IK Gymnastics.

Hines, known for building downtown high rises, is part of a joint venture developing the 60-story Salesforce Tower at 333 West Wolf Point Plaza. The company broke ground on the 820-foot-tall tower in April last year after securing a $500 million-plus construction loan. Hines expects to complete construction at the end of next year. In the suburbs, the firm is building a 17-story, 250-unit high-end apartment building in Oak Brook at the former McDonald’s headquarters.

[Bisnow] — Connie Kim





    Related Articles

    arrow_forward_ios
    Photo Illustration of construction materials on an airport runway (Getty)
    British Airways files negligence suit against Chicago over O’Hare expansion
    British Airways files negligence suit against Chicago over O’Hare expansion
    AmTrust Realty to pump in $100M to spruce up Loop portfolio
    AmTrust Realty to pump in $100M to spruce up Loop portfolio
    AmTrust Realty to pump in $100M to spruce up Loop portfolio
    Angelo Gordon sells North Side retail assets for $46.3M
    Angelo Gordon sells North Side retail assets for $46.3M
    Angelo Gordon sells North Side retail assets for $46.3M
    Chicago’s Old Post Office nabs health care firm as new tenant
    Chicago’s Old Post Office nabs health care firm as new tenant
    Chicago’s Old Post Office nabs health care firm as new tenant
    Buckhorn Estates in Des Plaines (Google Maps)
    Denver firm buys two suburban Chicago mobile home parks for $43M
    Denver firm buys two suburban Chicago mobile home parks for $43M
    800 West Fulton Market and John Deere CEO John May (800 West Fulton Market, John Deere)
    John Deere set to bring jobs to Chicago with Fulton Market lease
    John Deere set to bring jobs to Chicago with Fulton Market lease
    Alderman George Cardenas (12th Ward Chicago, Getty)
    Alderman Cardenas proposes ordinance to allow city to buy Chicago Bears
    Alderman Cardenas proposes ordinance to allow city to buy Chicago Bears
    TPG buys Cinespace, home of TV’s “Chicago Fire,” “Chicago Med”
    TPG buys Cinespace, home of TV’s “Chicago Fire,” “Chicago Med”
    TPG buys Cinespace, home of TV’s “Chicago Fire,” “Chicago Med”
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...