hsa commercial real estate represents ownership of the historic sullivan center in art institute lease
December 14, 2005
(Chicago – December 14, 2005) Daniel F. Miranda, president, HSA Commercial Real Estate, announced that Wayne Shulman, senior vice president, represented Joseph Freed and Associates, the owner of the historic Sullivan Center in downtown Chicago, in a 53,801-square foot long-term lease to the School of the Art Institute of Chicago. The School will relocate its enrollment, institutional marketing and student services along with the departments of Architecture, Interior Architecture and Designed Objects to the full 12th floor of this Chicago landmark property in 2006.
Located at 33 S. State and 36 S. Wabash in Chicago's East Loop, the Sullivan Center was purchased by Joseph Freed and Associates in 2001 and has undergone a complete renovation of its historic elements and modernization of the building systems. Miranda secured the exclusive leasing agency for HSA in 2004 from Joseph Freed and Associates and appointed longtime HSA veteran Shulman as head of the leasing team.
The School of the Art Institute of Chicago found the Sullivan Center to be an ideal location since it is directly across the street from the School's main administrative offices at 37 S. Wabash. The 12th floor offers the additional attraction of having one of the largest floorplates in downtown Chicago, as well as visibility of the building's historic cornice which is being reconstructed to replicate Louis Sullivan's original design.
David Tropp and Cal Wessman of CB Richard Ellis represented the Art Institute in this transaction. Legal counsel for Joseph Freed and Associates was Jeff Gurian of Becker & Gurian in Highland Park, with John Goldstein of Harris Kessler & Goldstein representing the Art Institute.
The Sullivan Center is a 1,000,000-square foot multi-use commercial project designed by renowned Chicago architect Louis Sullivan in 1899 located in the heart of Chicago 's revitalized State Street Corridor. It is listed on the National Register of Historic Places. Joseph Freed and Associates worked closely with the City of Chicago to preserve and maintain the historic integrity of the building and have been praised for their faithful attention to historical details of the property.
Celebrating more than 24 years of excellence in commercial real estate, Chicago-based HSA Commercial Real Estate is a full-service real estate firm specializing in office, industrial, retail and health care real estate leasing, management, marketing, development and financing on a national basis. The firm and its principals have developed and acquired more than 30 million square feet of commercial real estate across the United States with total consideration in excess of $1.5 billion, its brokerage divisions have completed more than 7,000 transactions in 43 states representing both owners and tenants, while the asset management division currently manages a property portfolio in excess of 15 million square feet in 11 states.
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