Crescent Heights and the Matthew Pritzker Company announced an agreement on the sale of 640 W. Washington Boulevard in Chicago’s West Loop neighborhood. Crescent Heights, a leading urban real estate firm specializing in the development, ownership and operation of architecturally distinctive mixed-use high-rises across the United States, purchased the 35,677-square-foot surface lot for $20.1 million.
“We are very excited to have completed this transaction with the Matthew Pritzker Company,” said Jason Buchberg, vice president with Crescent Heights. “We are excited to work with the Alderman and community on this project and this acquisition further bolsters our commitment to this great city and its distinct neighborhoods.”
Tom Svoboda, a senior associate at CBRE who specializes in urban development sites, represented Crescent Heights in the purchase. The seller was an affiliate of the Matthew Pritzker Company. No other brokers were involved in the transaction.
“This is a great deal for everyone involved and is especially exciting for Chicago, as it is a clear vote of confidence in the city and its future,” said Jordan Dubnow, vice president with the Matthew Pritzker Company. “We were thrilled to work with Crescent Heights and CBRE on this transaction and are especially pleased that after striking a deal in September 2019, all parties remained dedicated to seeing it through to full fruition. Crescent Heights has already done great things in Chicago and I look forward to what they do next.”
The lot is currently zoned DX-7 and will allow for future development that could include residential, mixed-use, office or hospitality.
“This is an amazing location in the West Loop, directly between Wacker Drive and the rapidly expanding Fulton Market district,” said Svoboda. “With incredible access to public transportation systems, the interstates as well as major commercial districts, new ownership will have many options for future developments.”
In Chicago, Crescent Heights is responsible for such developments as NEMA, an 800-unit, 76-story residential development, and Astoria Tower, a-207-unit residential tower. Both projects are in the South Loop.