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University of Chicago Lets Go of Final Control of Harper Court Development

By Sam Cholke | September 26, 2014 7:30am
 The University of Chicago relinquished its final stake in the Harper Court development, signing over management of the property to McCaffery Interests.
The University of Chicago relinquished its final stake in the Harper Court development, signing over management of the property to McCaffery Interests.
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DNAinfo/Sam Cholke

HYDE PARK — The University of Chicago has signed over management of the Harper Court development to McCaffery Interests, loosening its final claim on the $110 million property.

In the coming weeks, McCaffery will take over property management for the newest tenant, Nancy Krause Floral, which will open its second location after Lincoln Park in Harper Court.

The majority of the 750,000-square-foot development is dominated by the university’s office tower, but McCaffery will also take over property management of an L.A. Fitness, Chipotle, Ulta Beauty and local restaurants Ja’ Grill and Porkchop.

“McCaffery Interests has helped bring 25 new retailers to Hyde Park in the last three years,” said Jim Hennessy, associate vice president for commercial real estate operations at the university. “With this proven track record, we’re confident McCaffery can help ensure Harper Court meets the needs of the local community and contributes to a vibrant commercial corridor.”

In July, the university sold Harper Court for $112 million to Clal Insurance, an Israel-based life insurance company, but retained some rights to the property at Lake Park Avenue and 53rd Street.

Hiring McCaffery Interests means the university is letting go of its final grasp on the property that was projected to cost $110 million to build.

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