February 21, 2017
TopMed Realty made its first acquisition, by spending $109.5 million for 680 N. Lake Shore Dr. in Chicago. Though currently home to medical offices, the building’s former claim to fame is that it was once the headquarters of Playboy Enterprises. Golub & Co., which owned the asset since 1988, will retain an equity interest.
The transaction includes 493,000 square feet of office and retail space on the building’s lower floors, as well as 331 spaces in the building’s parking garage. The building also has a residential component that wasn’t part of the deal.
Completed in 1926, the building started as the American Furniture Mart. In 1979, the asset was converted into condos and offices. Playboy departed from the building for Los Angeles in 2012.
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