Oxford-Quadrum venture sells fourth tallest building on Chicago’s Michigan Avenue

A joint venture between Oxford Capital Group and Quadrum Global has sold Essex on the Park, the 56-story, 607-foot, 479-unit, modernist tower, which it developed and opened in 2019, to a West Coast–based investment firm.

JLL acted as the adviser to Oxford Capital Group and Quadrum Global and arranged acquisition financing on behalf of the buyer. The building is the fourth tallest building on Chicago’s Michigan Avenue and boasts 392,000 rentable square feet. The Oxford-Quadrum venture retains ownership of the adjacent Hotel Essex, which continues to be managed by Oxford Hotels & Resorts.

“Having the opportunity to comprehensively redevelop the historic Essex Inn and transform it into the luxury lifestyle Hotel Essex, part of what attracted us to this investment was the ability to entitle and develop a high-rise apartment building on the adjacent parcel on what had been a nondescript three story parking garage at essentially a zero net land basis,” said John