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Transactions: Chicago med space has new owner

MBRE Healthcare pays $16.8 million for 93,000 square feet in a unique deal

By John B. Mugford

MBRE Healthcare has acquired 93,000 square feet of medical space on seven
floors within this 40-story commercial building at 150 and 160 E. Huron St. in the
Streeterville neighborhood of Chicago. (Photo courtesy of MBRE Healthcare)

In a unique partnership, three companies, including a well-known healthcare real estate (HRE) firm, have co-invested in the purchase of a 40-story, “Class A” building housing three district uses on Chicago’s Near North Side.

The building at 150 and 160 E. Huron Street in the Streeterville neighborhood includes three property types that are vertically subdivided into 93,000 square feet of medical office space, a 352-room dual-branded hotel and a 225-stall valet parking garage. At street level, the medical office and parking garage share a 150 E. Huron St. address, while the hotels – a 127-room Homewood Suites and a 225-room Hampton Inn – have a common entrance with a 160 E. Huron St. address.

Acquiring the medical space in the East Huron Street building, which is currently 99 percent leased and is on floors seven to 13, was an affiliate of Chicago-based MBRE Healthcare, a full-service HRE firm that is the largest private owner of healthcare facilities in the country with more than 14 million square feet in 36 states. Chicago-based Arbor Lodging Partners, a hotel investment and management company, acquired the two hotels in the building, which are on floors 14 to 40, while Chicago-based Metro Park Inc. acquired the valet parking garage.

The price and seller of the East Huron Street property were not disclosed. But a check of data from HRE data firm Revista – as well as a direct examination of Cook County, Ill., real estate records by Healthcare Real Estate Insights™ – fills in the blanks. 

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