Clark Realty Capital Acquires Landmark Chicago Property
CHICAGO " Clark Realty Capital (CRC)*, a national real estate firm headquartered in Bethesda, Md., recently acquired Onterie Center, a major Chicago landmark in the downtown Streeterville District.
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Constructed in 1986, the mixed-use complex is comprised of a 60-story main tower and an 11-story auxiliary tower. Skidmore, Owings & Merrill, the same firm that designed Chicago's well-known John Hancock Center, engineered the project and incorporated a similar exterior crisscross pattern of diagonal supports. Onterie Center is the first concrete high-rise in the world to use diagonal shearwalls at the building perimeter. This design uses fewer columns which allows for state-of-the-art unit layout.
CRC's acquisition of Onterie Center culminates a three-year process to procure and restructure this notable Chicago asset. The project's financial restructuring plan was recently approved by HUD, which insures the financing of the property and provides for a percentage of the residential units to remain affordable housing through 2005. An affiliate of Clark Realty Capital now owns and operates the property.
Located between Ontario and Erie Streets near Lakeshore Drive, Onterie Center offers one of the most desirable locations to live within downtown Chicago. The complex is not only convenient to public transportation, but also to an abundance of shopping, services, and recreational facilities. Rising 60 stories into the air, the main tower provides panoramic views of the city and nearby Lake Michigan.
The 594 rental apartments feature a variety of amenities, including a large laundry room, a 360-degree sun/observation deck on the 60th floor, on-site storage, and a resident service center. The center provides a host of professional services like photocopying, facsimile transmission, notary public, Federal Express, UPS messenger service, and conference rooms.
In addition to its apartments, Onterie Center also includes more than 140,000 square feet of office space, nearly 16,000 square feet of ground-floor retail space, an 11,750-square-foot health club facility with indoor swimming pool, and a 363-space, above-grade parking garage.
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Clark Realty Capital (CRC) offers a full spectrum of services to the real estate industry including investment, development, construction, property management, capital markets, and advisory. More information about Clark Realty can be found on the Internet at www.clarkrealty.com.
CRC is a subsidiary of Clark Enterprises, Inc., which also owns The Clark Construction Group, the nation's largest private general building contractor with approximately $2 billion in annual revenues.