Hines Global Income Trust Closes on Historic WGN-TV Studios in Chicago

(CHICA­GO) – Hines, the inter­na­tion­al real estate firm, is pleased to announce that Hines Glob­al Income Trust, Inc. (“Hines Glob­al”) has acquired the his­toric WGN-TV Stu­dios build­ing locat­ed at 2501 West Bradley Place in Chicago’s North Cen­ter sub­mar­ket. The deal fol­lows Hines Global’s recent acqui­si­tion of the first of four build­ings in Bradley Busi­ness Cen­ter, a 97% leased, 23-acre mixed-use cam­pus locat­ed across the street from the WGN property. 

2501 West Bradley Place encom­pass­es 131,000 square feet and is ful­ly leased to WGN-TV. The property’s cen­tral loca­tion offers con­ve­nient high­way access and close prox­im­i­ty to Chicago’s afflu­ent North Side neighborhoods.

“We are excit­ed to expand our pres­ence in the area with the addi­tion of WGN Stu­dios,” said Will Ren­ner, man­ag­ing direc­tor in Hines’ Chica­go office. ​“We look for­ward to fos­ter­ing and hon­or­ing the asset’s rich history.”

“WGN is a well-posi­tioned asset to add to Hines Global’s grow­ing port­fo­lio,” added Hines Man­ag­ing Direc­tor Omar Thowfeek. ​“WGN Stu­dios is a great com­ple­ment to our recent acqui­si­tion of Bradley Busi­ness Cen­ter, and we are excit­ed to increase our expo­sure among media and con­tent-based tenants.”

Hines Glob­al is diver­si­fied by geog­ra­phy and real estate asset class, with a focus on dynam­ic sec­tors and mar­kets. This acqui­si­tion joins a port­fo­lio that is rough­ly 75% weight­ed toward the indus­tri­al and liv­ing sec­tors and is val­ued at over $2.4 billion.

Cush­man & Wake­field, led by Cody Hun­dert­mark, Tom Sitz and David Knapp, served as bro­ker for the transaction.

About Hines Glob­al
Hines Glob­al is a pub­lic, non-list­ed real estate invest­ment trust spon­sored by Hines. It com­menced oper­a­tions in 2014 and invests in com­mer­cial real estate invest­ments locat­ed in the Unit­ed States and inter­na­tion­al­ly. For addi­tion­al infor­ma­tion about Hines Glob­al, vis­it www​.www​.hines​glob​al​in​cometrust​.com.

About Hines
Hines is a pri­vate­ly owned glob­al real estate invest­ment firm found­ed in 1957 with a pres­ence in 255 cities in 27 coun­tries. Hines over­sees invest­ment assets under man­age­ment total­ing approx­i­mate­ly $83.6 bil­lion¹. In addi­tion, Hines pro­vides third-par­ty prop­er­ty-lev­el ser­vices to more than 367 prop­er­ties total­ing 138.3 mil­lion square feet. His­tor­i­cal­ly, Hines has devel­oped, rede­vel­oped or acquired approx­i­mate­ly 1,486 prop­er­ties, total­ing over 492 mil­lion square feet. The firm cur­rent­ly has more than 171 devel­op­ments under­way around the world. With exten­sive expe­ri­ence in invest­ments across the risk spec­trum and all prop­er­ty types, and a foun­da­tion­al com­mit­ment to ESG, Hines is one of the largest and most-respect­ed real estate orga­ni­za­tions in the world. Vis­it www​.hines​.com for more information.

¹In­cludes both the glob­al Hines orga­ni­za­tion as well as RIA AUM as of June 30, 2021.

For­ward-Look­ing State­ments
State­ments in this press release, includ­ing inten­tions, beliefs, expec­ta­tions or pro­jec­tions relat­ing to the acqui­si­tion described here­in, are for­ward-look­ing state­ments with­in the mean­ing of Sec­tion 27A of the Secu­ri­ties Act of 1933, as amend­ed, and Sec­tion 21E of the Secu­ri­ties Exchange Act of 1934, as amend­ed. Such state­ments are based on cur­rent expec­ta­tions and assump­tions with respect to, among oth­er things the poten­tial long-term per­for­mance of this prop­er­ty, future eco­nom­ic, com­pet­i­tive and mar­ket con­di­tions and future busi­ness deci­sions that may prove to be incor­rect or inac­cu­rate. Impor­tant fac­tors that could cause actu­al results to dif­fer mate­ri­al­ly from those in the for­ward-look­ing state­ments include the risks asso­ci­at­ed with Hines being able to suc­cess­ful­ly man­age the prop­er­ty, the ten­ant con­tin­u­ing to make time­ly rental pay­ments, and oth­er risks described in the ​“Risk Fac­tors” sec­tion of Hines Glob­al’s Annu­al Report on Form 10‑K for the year end­ed Decem­ber 31, 2020, as updat­ed by its oth­er fil­ings with the Secu­ri­ties and Exchange Com­mis­sion. You are cau­tioned not to place undue reliance on any for­ward-look­ing statements.