Irvine Co set to buy Chicago Hyatt Center: report

NEW YORK (BestGrowthStock) The Irvine Co. is close to an agreement to buy the 49-story Hyatt Center in Chicago for about $625 million from the Pritzker family whose business empire includes a majority stake in the Hyatt Hotels Corp (H.N: ) chain, the Wall Street Journal reported on Tuesday.

The newspaper, citing people familiar with the deal, said the sale of the curved tower at 71 S. Wacker Drive, which contains about 1.5 million square feet of office space, could close as early as Friday.

The deal could still collapse, but if completed, the building would be one of the largest Windy City properties to trade this year, the Journal said.

At a price of just more than $400 per square foot, the price per square foot is less than the record fetched by a Chicago office tower at 300 N. LaSalle, which sold for about $500 a square foot earlier this year.

There was no immediate comment from the Pritzker Realty Group or Irvine. (Reporting by Steve James; Editing by Anshuman Daga)

Irvine Co set to buy Chicago Hyatt Center: report