Oakwood Secures Master Lease for New Chicago Loop High Rise
Company Foresees Uptick in Temporary Housing Demand
LOS ANGELES, June 16, 2011 /PRNewswire/ -- Oakwood Worldwide, a leader in the temporary housing industry, has secured a master lease for a new, 42-story Chicago Loop luxury apartment building at the corner of Lake and Wells Street that expands the company's portfolio of offerings for clients seeking accommodations in Chicago.
The high-rise building, which was completed in October 2010, will be branded under the Oakwood name as Oakwood 200 Squared. Oakwood's master lease was secured from Midwest Property Group and the INDURE Fund, the building's owners. Terms of the transaction were not disclosed.
"The Oakwood master lease complements our asset management strategy quite well. It enables us to offer our investors guaranteed returns with minimal risk during the master lease term," said Jay Javors, President of Midwest Property Group, Ltd. "From a landlord's perspective, Oakwood's 50-year history in multifamily and its position as the leader in corporate housing made them an ideal choice as a tenant for the building."
Oakwood's action comes as relocation executives are indicating a renewed confidence in the economy and as Chicago's high-rise residential building boom has slowed.
Atlas Van Lines' recent 44th Annual Corporate Relocation Survey of relocation managers indicates that 30 percent of companies plan to relocate workers this year, the highest percentage in six years, and that the Midwest is the top destination for transfers.
"Oakwood 200 Squared's location in the Chicago Loop makes this a premier property that is in line with our objective of expanding our portfolio of high profile branded buildings to meet the growing demand of the corporate and relocation markets," said Kristen Zimmerman, Vice President of Asset Development for Oakwood.
With a total of 329 studio, one- and two-bedroom furnished and unfurnished units, Oakwood 200 Squared is located in one of the city's most vibrant neighborhoods, offering easy access to the financial district, government offices and major employers. It is within walking distance of public transportation and a diverse array of restaurants, galleries, shopping and entertainment activities.
Oakwood 200 Squared also offers many features and amenities designed to appeal to employees on long- and short-term assignments. Units feature spacious layouts, some with balconies, a full-size washer and dryer, well appointed kitchens and floor-to-ceiling windows. Other hotel-like amenities include a concierge, 24-hour doorman and business center, and free Wi-Fi in common areas.
Lifestyle amenities include a full-length indoor swimming pool and fitness center with locker rooms, gas grills on the sundeck area and pet accommodations.
Designed to be eco-friendly, the smoke-free building includes Energy Star™ appliances, water saving plumbing fixtures, electric car chargers in the self-park garage, bike rental and storage, a green roof and pending LEED certification.
Oakwood recently added inventory in London with a master lease of a new 48-unit apartment building in Farringdon/Clerkenwell, in the City of London. The building is one of the newest and largest developments to open in this premier location.
The company is planning to add a number of new Oakwood master lease properties in the United States in the next 12 months and is pursuing master lease opportunities internationally to supplement its current portfolio of 35 buildings across the globe.
For more information about Oakwood 200 Squared, call (800) 888-0808.
About Oakwood Worldwide
Oakwood Worldwide is the global leader and provider of furnished and serviced apartments. For one need or many, local or around the globe - Oakwood offers flexible, easy-to-use custom solutions to meet any temporary housing requirement.
A wide range of inventory and supplier management options allows Oakwood to provide the optimal housing solution whenever and wherever needed. With more than 3,000 Oakwood Associates worldwide, nearly 25,000 apartments, and more than 400 network partners, Oakwood delivers the service and reliability clients can trust.
Oakwood's worldwide staff of trained professionals, innovative technologies, and unparalleled customer service has made Oakwood the premier choice in temporary housing solutions for more than 50 years.
INDURE is an open-ended comingled real estate investment fund sponsored by National Real Estate Advisors, a prominent real estate investment management firm based in Washington, DC.
Editor's Note: Photographs of Oakwood 200 Squared are available at http://www.oakwood.com/cms/PHOTO-GALLERY-OAKWOOD-200-SQUARED
SOURCE Oakwood Worldwide
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