LaSalle acquires Blackhawk on Halsted in Chicago

CHICAGO (May 4, 2016) – LaSalle announced it has acquired Blackhawk on Halsted (“Blackhawk”) in Chicago from Structured Development on behalf of client Bayerische Ärzteversorgung (BÄV - Bavarian doctors’ pension fund), one of the twelve pension institutions of BVK (the Bavarian umbrella pension scheme for self-employed professionals - including doctors, lawyers and architects).

Located in the highly-desirable North & Clybourn retail corridor within Chicago’s Lincoln Park neighborhood at the intersection of Halsted Street and Blackhawk Street, the best-in-class 225,000 square-foot, mixed-used project is 98 percent leased and consists of a four-story building featuring an assortment of leading medical office and retail tenants, a five-story single-tenant building that is home to one of the City’s top private day schools (British International School of Chicago), and a seven-story, 534-stall parking garage. Built in 2009, the LEED Silver property offers its tenants exceptional exposure and visibility, benefits from great access to both parking and mass transit, and is well located within immediate walking distance to a dense and eclectic variety of national retailers, restaurants and entertainment venues.

“Blackhawk is a prototypical urban, mixed-use asset that offers the type of characteristics we’re targeting for many of our clients,” said David Schreiber, Managing Director of Acquisitions at LaSalle. “The Property has attracted a strong complementary mix of health care, education and retail users that are a perfect fit for the demographics driving growth in this corridor, and has the added appeal of accommodating industries that tend to demonstrate high retention and low volatility through all market cycles.”