CHICAGO—Harper Court, a newly constructedmixed-used complex in Hyde Park, was launched in 2009, not the mostpromising year for real estate, but the gamble has certainly paidoff. Clal Insurance, an Israel-based company, justacquired the 223,775-square-foot complex at 53rd St. and Lake ParkAve. for $112 million. This marks Clal's third acquisition of a USproperty and second in Chicago.
As reported in GlobeSt.com last March, theUniversity of Chicago hired CBREto market the property, which it developed in partnership with theCity of Chicago. As part of its deal with Clal,the university signed a 20-year master lease for the entireproperty that company officials say made the deal an attractiveinvestment. The university will occupy all of the office space.Other current tenants include name-brand retailers such asLA Fitness, Starbucks, andChipotle Mexican Grill, among others.
“As a major mixed-used project, one that is anchored by theUniversity of Chicago, Harper Court is a game-changer for the areaand a compelling, long-term, stable and secure investment forClal,” says Tamir Kazaz, chief executive officerfor Clal US.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
