Chicago developer Steven Fifield has a deal to sell a new luxury apartment tower on the edge of the West Loop to a pension fund adviser for about $64 million, sources said.
The deal is one of two new transactions by SSR Realty Advisors Inc., reflecting a long-term confidence in the sluggish rental market. SSR, on behalf of California State Teachers’ Retirement System, has agreed to purchase the 274-unit tower at 180 N. Jefferson St., which is steadily leasing up since its June completion, sources said.
SSR and CalSTRS have also agreed to finance the first phase–apartments–of a two-tower Streeterville development by Chicago-based Golub & Co., sources said. The project would be on the northwest corner of Grand Avenue and McClurg Court.
Fifield, president of the firm that bears his name, and a representative of New Jersey-based SSR declined comment.
Archstone properties on block: Archstone-Smith Trust doesn’t share the bullish view of the downtown rental market, which the Colorado-based real estate investment trust once wanted to dominate.
The REIT has hired Chicago brokerage Newcastle Ltd. to market a development site across the street from its Park Millennium, 222 N. Columbus Drive, sources said. Archstone paid $12.5 million for the 5.5-acre site in 2002, public records show.
Archstone has already hired real estate firm Holliday Fenoglio Fowler LP to market the 480-unit luxury apartment tower. A REIT spokeswoman declined to comment on Newcastle’s hiring, but said a Park Millennium sale would take advantage of the strong condominium market.
GATX mulls move: GATX Corp. has hired Jones Lang LaSalle Inc. to test the market on a possible move of its headquarters from 500 W. Monroe St., said Melissa Copley, managing director with the Chicago real estate firm.
The airplane and railcar finance firm has about 190,000 square feet of space under a lease that runs until 2008, but it subleases about 58,000 square feet to Marsh & McLennan Cos., which is also exploring its options. GATX is expected to need about 100,000 square feet.
Document alteration alleged: MB Financial Bank has filed suit to collect more than $470,000 from real estate executive Mark B. Weiss, alleging that in 2003 he fraudulently changed the terms of a document extending a $4.7 million loan on his four-story office/retail project at 5111-19 N. Clark St.
More Top Picks Garmin Mini 2
After Weiss agreed to the extension, the bank gave him an electronic version of the document for signature, according to the complaint filed in Cook County Circuit Court. Weiss “surreptitiously”changed 13 words of one paragraph, making his version look like the original, the bank alleges.
Under MB’s version, Weiss was to reimburse the bank for fees and costs, but Weiss’ version required the bank to reimburse him and refund interest above $50,000.
But Weiss, president of the Chicago-based brokerage that bears his name, denies any fraud, saying he told bank officials he objected to the terms.
Bank officials and their lawyers, Chicago-based Schain, Burney, Ross & Citron Ltd., did not detect the changes until earlier this year when Weiss refinanced the building, the complaint says.
“I can only imagine how they would respond if I tried to get out of a mortgage saying I didn’t read it,” said Weiss, a director of the parent company of Chicago-based New Century Bank.
Trammel Crow adds exec: Tenant representative John D. Ziesmer has joined the Chicago office of Trammell Crow Co. as senior vice president, moving over from the local office of Julien J. Studley Inc., where he worked for 15 years
The Joliet native, 45, began his career in 1984, representing landlords at LaSalle Partners.