Oak Street Real Estate Capital has purchased the 30-acre site of the former Chicago Tribune publishing center for $200M in a sale-leaseback deal with Bally's that will help fund a $1.7B casino, hotel and entertainment complex the gaming giant plans to build on the site.
The complex, Chicago's first casino, was approved by the city in May.
Oak Street will provide $300M to fund the development, as well as a 99-year ground lease on the site, which is located near the intersection of Chicago and Halsted Street, according to a report in the Chicago Tribune. The deal includes 10 optional 20-year renewals on the lease.
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