Hilco Real Estate Announces the Sale of a One-of-a-Kind, 70th Floor Penthouse Restaurant, Chicago, IL
NORTHBROOK, ILL. (December 2022) – Hilco Real Estate, LLC (HRE) was chosen as part of a competitive process by the Subchapter V, Chapter 11 Bankruptcy Trustee, Robert Handler, to offer and sell a storied penthouse restaurant perched atop Lake Point Tower in downtown Chicago, Illinois. The property consists of a 5,200± square foot penthouse unit and four commercial spaces on the building’s second floor totaling approximately 2,650± square feet.
The former tenant, Cité, a local high-end restaurant, filed for bankruptcy after calling Lake Point Tower home for more than 30 years. The pandemic took its toll, and the owner was unable to implement a reorganization plan as part of the bankruptcy. As such, all of the restaurant’s assets were slated for liquidation, including the owned real estate in Lake Point Tower.
The court-appointed Trustee and acting seller was uncertain of the ultimate recovery a sales process could yield. The minimum bid for the real estate was set at $4 million.
HRE immediately implemented a two-pronged national marketing campaign, targeting both commercial and residential buyers, that garnered over 200 direct inquiries from across the country, multiple tours with well-qualified groups, and resulted in numerous offers. HRE then conducted a multi-phased competitive bid process in which the ultimate sale price of $4,680,000 exceeded the required minimum bid by 17%.
Chet Evans, vice president, said of the sale, “We are thrilled that the sale will allow Lake Point Tower to benefit from the potential value add of an incoming restaurant that will be putting money into the space and, more importantly, will represent a significant building amenity. Simultaneously, our strategic sale process allowed the seller to maximize the property’s value and minimize the time and costs that would be typical in a conventional Subchapter V, Chapter 11 Bankruptcy sale process.”
For more information on how Hilco Real Estate brought our speed-to-value approach to this successful sale, visit the property’s case study page. To view other active properties, please visit Hilco Real Estate’s property site where new listings are added monthly.
About Hilco Real Estate: Hilco Real Estate, LLC , a unit of Hilco Global, is headquartered in Northbrook, Illinois. HRE is a national provider of accelerated real estate disposition services for corporations, lenders, servicers, receivers, bankruptcy attorneys, estates, private owners, investment companies as well as local, state and federal government agencies. Acting as an agent or principal, HRE applies its vast experience to advise and execute strategies, helping both healthy and distressed clients to derive maximum value from their real estate assets. By leveraging multi-faceted sales strategies and techniques, aggressive repositioning and restructuring experience, a vast and motivated network of buyers and sellers, and substantial access to capital, HRE exceeds expectations even in the most complex transactions.
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