A real estate investment firm purchased Playboy Enterprises' former Chicago headquarters for $109.5 million and aims to convert the 29-story building into a medical office and research building, according to the Chicago Business Journal.
The building was purchased in January by TopMed Realty, the commercial medical real estate arm of Elizabethtown, N.C.-based Global Realty. The purchase includes roughly 493,000-square-feet of office and retail space on the lower 16 floors and 331 spaces in the building's parking garage.
"This property aligns with all of our investment objectives, and is indicative of our future investment plans," said TopMed CEO Roni Soffer . "We plan to selectively acquire properties, near and integral to top-rated medical universities and hospitals, in markets with high barriers to entry and strong demographics."