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CHICAGO – Newcastle Limited* has been retained by Denver, Colo.–based Archstone–Smith (NYSE: ASN) to manage the disposition of a 2.4–acre high–rise development site, located in the Lakeshore East neighborhood of downtown Chicago, announced Michael R. Haney, President of the Chicago–based real estate firm. Newcastle Limited is a national real estate advisory and development firm serving not–for–profit organizations, institutions, investors, corporations and governmental agencies.
The parcels are located along Columbus Drive, just north of the Blue Cross/Blue Shield Building and one block north of Millennium Park. The 28–acre Lakeshore East neighborhood, a $2.5–billion, mixed–use, master planned development community, designed by Skidmore, Owings and Merrill, LLP, is one of the largest parcels of undeveloped downtown land in a major U.S. city.“This site is exquisitely located between Lake Michigan and the DuSable Marina on the east and Millennium Park and world–class shopping of Michigan Avenue on the west. The land is already zoned and ready for the development of residential apartments or condominiums,” said Martin F. Jablonski, Newcastle Director and Project Manager for the disposition team, which includes Peter S. Tortorello, Vice President, and Gregory Russell, Associate. The deadline for offers is November 22, 2004.Archstone–Smith purchased the site in 2002 from Lakeshore East co–developers, Magellan Development Group, Ltd., and Near North Properties Inc. The greater Chicagoland area is a core market for Archstone–Smith, representing 9 percent of its national portfolio. The company currently owns and operates 10 communities here, representing nearly 5,000 units.
About Newcastle Limited
Chicago–based Newcastle Limited is a national commercial real estate firm serving governmental agencies, institutions, not–for–profit organizations, corporations and private investors. The firm’s strategic advisory, development and investment services are designed to reduce project risk and maximize asset value. To learn more about Newcastle, call Michael Haney at (312) 252–1401 or visit the company website at www.newcastleinvestors.com.
About Archstone–Smith
Archstone–Smith is a recognized leader in apartment investment and operations. As of August 31, 2004, the company, with a total market capitalization in excess of $11 billion, owned or held an ownership position in 240 properties representing 83,335 units including those under construction.