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Avison Young arranges sale of three-building campus for the Lutheran School of Theology at Chicago (LSTC)
March 22, 2023
The sale is the culmination of a strategic real estate plan
Chicago, IL – Avison Young has arranged the sale of the Lutheran School of Theology at Chicago’s (LSTC) three-building main campus, located at 1100 East 55th Street in Chicago, IL, to the University of Chicago. Guided by Avison Young in the sale of the building, LSTC can now move forward with the institution's strategic direction in a post-pandemic world.
LSTC was represented by James Hanson, Principal; Richard Hanson, Principal; Richard Shields, Executive Vice President; Marissa Rose, Vice President; and Jordan Mellovitz, Vice President, who are all located in Avison Young’s Chicago office.
The sale of the main campus comes after Avison Young has previously represented LSTC in the sale of a portfolio of 80 residential housing units in 2020 and 2021. The main campus is located directly across 55th Street from the University of Chicago’s Hyde Park campus.
“Like many institutions of higher learning, LSTC had been examining its core educational model even before the pandemic, and our real estate plans aligned with their institutional strategic plan that will guide LSTC’s operations in the coming decades,” said [James] Hanson.
Avison Young has partnered closely with LSTC leadership and board members for years to chart their real estate strategy, with the sale being among the core recommendations provided by the firm.
“The creation of a workable real estate plan that has contributed to our overall institutional strategic plan demonstrates the value add of Avison Young’s real estate services,” said James Nieman, President, LSTC.
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