540 N Lake Shore Dr-2019.Indd
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540 N LAKE SHORE DRIVE, CHICAGO CONFIDENTIALY & CONDITIONS Jameson Real Estate (the “Agent”) has been engaged as the the right, at their sole and absolute discretion, to reject any and all exclusive agent for the sale of the 540 Lakeshore Dr, Chicago, IL (the expressions of interest or offers regarding the Properties and/or to “Properties”), by the Owner (the “Seller”). terminate discussions with any entity at any time, with or without notice. This Offering Memorandum is made subject to omissions, The Properties are being offered for sale in an “as-is, where-is” corrections or errors, change of price or other terms and prior sale or condition and the Seller and the Agent make no representations withdrawal from market without notice. The Agent is not authorized to or warranties as to the accuracy of the information contained in make any representations or agreements on behalf of the Seller. The this information package. The enclosed materials include highly Seller shall have no legal commitment or obligation to any interested confidential information and are being furnished solely interest party reviewing the enclosed materials, performing additional described herein. Neither the enclosed materials, nor any information investigation and/or making an offer to purchase the Properties contained herein, are to be used for any other purpose, or made unless and until a binding written agreement for the purchase of the available to any other person without the express written consent of Properties have been fully executed, delivered and approved by the the Seller. Each recipient, as a prerequisite to receiving the enclosed Seller and any conditions to Seller’s Obligations there under have been information, should be registered with Jameson Real Estate as a satisfied or waived. “registered Potential Investor” or as “Buyer’s Agent” for an identified “registered Potential Investor”. The use of this Offering Memorandum By taking possession of and reviewing the information contained and the information provided herein is subject to the terms, provisions herein, the recipient agrees that (a) the enclosed materials and their and limitations of the confidentiality agreement furnished by the Agent contents are of a highly confidential nature and will be held and treated prior to delivery of this information package. in the strictest confidence and shall be returned to the Agent or the Seller promptly upon request; and (b) the recipient shall not contact The enclosed materials are being provided solely to facilitate the employees or tenants of the Property directly or indirectly regarding prospective investor’s own due diligence for which it shall be fully any aspect of the enclosed materials or the Properties without the and solely responsible. The material contained herein is based on prior written approval of the Seller or the Agent; and (c) no portion information and sources deemed to be reliable, but no representation of the enclosed materials may be copied or otherwise reproduced or warranty, expressed or implied, is being made by the Agent or the without the prior written authorization of the Seller or the Agent Seller or any of their respective representatives, affiliates, officers, or as otherwise provided in the Confidentiality and/or Registration employees, shareholders, partners or directors, as to the accuracy or Agreement executed and delivered by the recipient(s) to Jameson completeness of the information contained herein. Real Estate. The Seller reserves the right, at its sole and absolute discretion, to The Seller will be responsible for any commission due the Agent in withdraw the Properties from being marketed for sale at any time connection with a sale of the Properties. Each prospective purchaser and for any reason. The Seller and the Agent each expressly reserve will be responsible for any claims for commissions by any other broker 2 or agent in connection with a sale of the Properties if such claims or other undesirable materials on or about any Property ultimately arise from acts of such prospective purchaser or its broker/agent. Any sold. It is solely the responsibility of the potential investor to conduct Buyer’s Agent must provide a registration signed by the prospective investigations to determine the presence of such materials. investor acknowledging said agent’s authority to act on its behalf. Radon Gas Environmental Matters Radon is a naturally occurring radioactive gas that, when it has All parties to real estate transactions should be aware of the health accumulated in a building in sufficient quantities may present health liability and economical impact of environmental factors of real estate. risks to persons who are exposed to it overtime. Additional information Agent does not conduct investigations or analysis of environmental regarding radon and radon testing may be obtained from your county matters, and accordingly, urges its clients to retain qualified public health unit. environmental professionals to determine whether hazardous or toxic wastes or substances (such as asbestos, PCBs and other contaminant The Americans with Disability Act or petrol-chemical products stored in underground tanks) or other The Americans with Disability Act is intended to make many business undesirable materials or conditions are present in the Properties, establishments equally accessible to persons with a variety of and if so, whether any health danger or other liability exists. Such disabilities; modifications to real Properties may be required. State substances may have been used in the construction or operation of and local laws also may mandate changes. Agent is not qualified to the buildings or may be present as a result of the previous activates advise you as to what, if any, changes may be required now, or in at a Properties. Depending upon past, current and proposed uses of the future. Prospective investors should consult their attorneys and the Properties, it may be prudent to retain an environmental expert to qualified design professionals for information regarding these matters. conduct a site investigation and/or building inspection. Legal & Tax Matters Various federal, state and local authorities have enacted laws With respect to legal or tax issues pertaining to the acquisition and/ and regulations dealing with the use, storage, handling, removal, or ownership of the Properties Agent is not qualified to provide advice transport and disposal of toxic or hazardous wastes and substances. If on such matters. Prospective purchasers should consult with their hazardous or toxic substances exist or are contemplated to be used at advisors on these and other related matters. The recipient of this a Property, special governmental approvals or permits may be required. Offering Memorandum shall not rely on any information contained In addition, the cost of removal and disposal of such materials may herein with respect to these or any other matters. The Seller and the be substantial. Consequently, legal counsel and technical experts Agent make no representation or warranties on any such matters. should be consulted where these substances are or may be present. Agent makes no representation and assumes no obligation regarding the presence or absence of toxic or hazardous waste or substances 3 4 FOR SALE $20,000,000 – Land and Air Rights Jameson Commercial Real Estate is pleased to exclusively market an extremely rare opportunity to purchase the land and air rights of 540 North Lake Shore Drive, a prestigious 150-unit, 180,000 square-foot condominium timber-loft building located in Chicago’s Magnificent Mile neighborhood, and at the footsteps of Chicago’s beloved Navy Pier, the top leisure destination in the entire Midwestern United States, drawing nearly nine million visitors annually. Securing the land and air rights of such a prized Chicago property, provides an abundance of opportunity for future development, and continue forward the buildings deep history of change and success. EXISTING SITE BUILDING SIZE ±180,000 SF LAND SIZE ±36,762 SF UNITS 150 STORIES 7 ZONING DX-12 TAXES (2016) $162,935 SALE PRICE SUBJECT TO OFFER PROPOSED DEVELOPMENT CONDO DECONVERSION | TEARDOWN REBUILD BUILDING SIZE ±180,000 SF | 2,0000,000 SF LAND SIZE ±47,542 SF UNITS ± 150 | 700 STORIES 7 | 70 (±) ZONING DX-12 | PD RETAIL ±20,000 SF | 50,000 SF 5 WILLIS TOWER TRUMP INTERNATIONAL HOTEL AND TOWER ONE BENNETT TOWER GRANT PARK MILLENIUM PARK SITE MONROE HARBOR OHIO STREET BEACH NAVY PIER CLICK TO WATCH A VIDEO OF THE PROPERTY 6 HISTORY Built in 1912 as a Borg-Warner warehouse, 540 North Lake Shore Drive later housed the John O. Butler Company, manufacturer of toothbrushes, dental floss in 1923 and sundry oral-care products under the Butler and GUM brand names. Columbia College rented space and held classes in the building during the 1960s and 1970s, prior to it being renovated into rental apartments in 1983, then converted to condos in 1992, by Booth Hansen architects, winner of 90 local and national design awards, including 36 from the American Institute of Architects. A number of well-known Chicagoans and celebrities have called the building home over the years. The 7-story 540 Lake Shore Drive stands out among its towering modern neighbors, a rare loft conversion in Streeterville—a neighborhood much more known for towering high-rises and the home of Chicago’s most famous shopping district, The Magnificent Mile. Given it’s a one-of-a-kind building in one of the more popular places to live in the Windy City, demand for lofts at 540 N. Lake