Oxford Capital Group LLC with Angelo, Gordon & Co. have acquired the landmark London Accident & Guarantee Building designed by famed architect Alfred S. Alschuler at 360 N. Michigan Ave. in Chicago along with an adjacent parcel of land at 77 E. Wacker Drive. The plan is to convert the properties into a new lifestyle hotel above two stories of upscale retail.
Built on the site of historic Fort Dearborn in 1923, the 280,000-square-foot, 21-story London Accident & Guarantee Building is a Chicago landmark located on the southwest corner of North Michigan Avenue and Wacker Drive. It is one of the four 1920s flanks of the North Michigan Avenue Bridge, along with the Wrigley Building, Tribune Tower and 333 N. Michigan Ave. A large relief above the entrance commemorates Fort Dearborn.
“We are fortunate to have found this opportunity to acquire such a wonderfully located property. Given its important place in Chicago’s history and architectural patrimony, we feel an acute sense of responsibility as the steward of this extraordinary building. We are also excited to be a part of the dramatic transformation taking place on this stretch of North Michigan Avenue,” said John Rutledge, founder, president and CEO of Oxford Capital Group LLC and its wholly owned operating affiliate, Oxford Hotels and Resorts LLC.
The project is expected to generate hundreds of construction, hotel and retail operating jobs and tens of millions of dollars in incremental revenues across various city, county, state and federal government bodies.
CBRE’s Peter Greene and Mike Vesper acted as broker on the transaction.
Eastdil Secured’s Doug Harmon also provided acquisition advisory services to the venture.