U of C sells Harper Court

The University of Chicago has sold Harper Court, its newly upscaled 53rd Street commercial district, to a major Israeli financial institution for $112 million, the university announced Tuesday.

The buyer, Clal, is a publicly held insurance company and pension-fund manager with more than $40 billion in assets under management.

The university said it signed a long-term master lease with Clal so that the university can continue to recruit an optimum mix of nationally and locally owned businesses to the district. The university also keeps the rights to develop a 425-unit residential tower there.

The university has invested $30 million in Harper Court, acquiring land for redevelopment and recruiting tenants such as Chipotle, Starbucks, LA Fitness and fine-dining restaurant A10.

The Harper Court project received more than $20 million in TIF funding. As the new owner, Clal will receive the TIF proceeds, and the university will become the major contributor to the TIF district, said university spokeswoman Calmetta Coleman.

U of C puts Harper Court up for sale

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