Hines, the international real estate firm, is pleased to announce that Hines Global Income Trust, Inc. (“Hines Global”) has entered an agreement to acquire the historic WGN-TV Studios building located at 2501 West Bradley Place in Chicago’s North Center submarket. The deal follows Hines Global’s recent acquisition of the first of four buildings in Bradley Business Center, a 97% leased, 23-acre mixed-use campus located across the street from the WGN property.
2501 West Bradley Place encompasses 131,000 square feet and is fully leased to WGN-TV. The property’s central location offers convenient highway access and close proximity to Chicago’s affluent North Side neighborhoods.
“We are thrilled to have the opportunity to add 2501 West Bradley Place to the Hines Global portfolio. Following our approach with the other successful businesses who call Bradley Business Center home, we look forward to furthering the asset’s rich history as home to WGN, one of the longtime go-to news products in the Chicago area,” said Will Renner, managing director in Hines’ Chicago office.
Hines Global is diversified by geography and real estate asset class, with a focus on dynamic sectors and markets. This acquisition, when completed, will join a portfolio that is roughly 75% weighted toward the industrial and living sectors and is valued at over $2.4 billion.
Cushman & Wakefield, led by Cody Hundertmark, Tom Sitz and David Knapp, served as broker for the transaction.
