Last week, Related Midwest paid $10.1 million for the 16,000-square-foot building at 800 W. Washington Blvd. from Chicago-based R2—located just across the street from its already-acquired 725 W. Randolph St.—foreshadowing perhaps a much bigger plan for the West Loop.
725 W. Randolph St. was purchased as the proposed site of a mixed-use two-building complex to be anchored by Equinox Hotel and Club, a building that would tower over everything else in the nearby Fulton Market District, reported ConnectCRE. But the recent acquisition of the adjacent 800 W. Washington Blvd. has sparked interest.
Some have said it could signal a changing vision for the proposed tower, positioning it to lure JPMorgan Chase if the bank opts to leave its long-time home in the Loop.
Sources familiar with the transaction said that Related will likely look to transfer the unused development rights from its newly acquired site to the 725 W. Randolph property to be able to build an even larger project overlooking the Kennedy Expressway, according to ConnectCRE.