Notre Dame buys out partner in Michigan Avenue building

The University of Notre Dame's endowment fund has bought out its investment partner in the Railway Exchange Building on South Michigan Avenue, taking full ownership of the property, where the university has classrooms.

The endowment bought the minority stake of Itasca-based developer Hamilton Partners, confirmed the partners, who bought the 17-story building for $53 million in 2006. They did not disclose a price for Hamilton Partners' stake, which a Notre Dame spokesman said was 10 percent.

“Notre Dame is bullish on Chicago,” the spokesman, Paul Browne, said in an email.

South Bend, Ind.-based Notre Dame declined to provide additional details on the deal, including whether the school plans to use more space in the building at 224 S. Michigan Ave.

Notre Dame's Mendoza College of Business unveiled a new, 8,200-square-foot space in April on the third floor of the building for its graduate and executive business programs, according to the university's website. Notre Dame also has had 9,500 square feet on the second floor since 2009.

Read the entire story on the Chicago Real Estate Daily website.