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500 Lake Shore Drive surpasses 50% leased milestone, releases penthouse residences for lease

With more than half of the 500 luxury apartment residences at 500 Lake Shore Drive leased within three and half months, developer Related Midwest announces leasing has begun for the building’s four penthouse levels. Located in the Streeterville neighborhood on one of the last remaining parcels of land on North Lake Shore Drive, 500 Lake Shore Drive is Related Midwest’s debut rental property in Chicago and marks the first opportunity for Chicago renters to experience the Related Rentals brand of five-star service and exclusive lifestyle features. Leasing at 500 Lake Shore Drive officially began May 1, and the building's first residents began moving in May 15.

“The fact that we’ve rented more than 250 apartments in just over three months clearly demonstrates the unmet demand for this level of upscale rental lifestyle in Chicago,” said Curt Bailey, president of Related Midwest. “We’re thrilled with our momentum and the tremendous response from everyone who’s seen the building. And we know that excitement will continue now that we’re showcasing our penthouses, which we've designed to be the most impressive rental residences in Chicago.”

The four penthouse levels, located on floors 44 through 47, represent the first availability of three-bedroom residences at 500 Lake Shore Drive and also include one and two bedroom floor plans. Bailey noted that while 500 Lake Shore Drive offers stunning views from every floor, the penthouse views are in a league by themselves.

“For most people the word ‘penthouse’ automatically brings to mind spectacular views, and 500 Lake Shore Drive certainly delivers, if not exceeds, in that respect,” he said. “If renters are looking for iconic view of the lake, the Chicago River and some of Chicago’s best-known buildings, there’s no better place to enjoy those views than the penthouse floors of this building.”

Topping off 500 Lake Shore Drive is Penthouse Floor 4 (floor 47), which features three premiere penthouse units, including one two-bedroom residence and one three-bedroom residence still available for lease. These units offer soaring 13-foot ceilings and a special package of designer finishes.

“We already reset the bar for Chicago renters in terms of service, amenities and finishes when we opened 500 Lake Shore Drive,” said Bailey. “Now we’re re-defining what it means to live in a luxury penthouse rental with all the details we’ve included in these residences.”

Top floor penthouses at 500 Lake Shore Drive include gourmet kitchens with custom Snaidero dark ash cabinetry with high gloss upper cabinets, polished quartz countertops with marble mosaic backsplash, and a professional appliance package including built-in paneled Sub-Zero refrigerator and beverage center, Wolf gas cooktop and oven, a stainless steel hood and paneled Kitchen Aid dishwasher.

Bathrooms are customized with polished natural stone, walnut vanities, custom designed lighting, and frameless glass shower doors, Kohler soaking tubs and separate master bath water closets in select residences. Top-floor residences also include custom designed walnut wide-plank flooring, custom solar shades and fully customized closets. Residences on Penthouse Floors 1 - 3 (floors 44 - 46) feature the same high level of interior finishes found on the building's lower levels, such as gourmet kitchens with Snaidero cabinetry, quartz countertops with white marble mosaic backsplash, and professional built-in stainless steel appliances including stainless steel hoods; baths with polished natural stone, custom walnut vanities and custom lighting; custom-designed wide-plank flooring throughout; and closets with built-in organizers. Select plans on floors 44 - 46 also feature 11½-foot ceilings that accentuate the residences' upper-level views.

Penthouse residences are now available for move-in with rents starting at $5,500 a month for two-bedroom residences on Penthouse Floors 1 – 3 and $10,500 a month for the available two-bedroom residence on Penthouse Floor 4. The three-bedroom residence on Penthouse Floor 4 is available for $18,000 a month. Complementing the penthouse lifestyle at 500 Lake Shore Drive is Related Rentals’ comprehensive five-star service platform, which gives residents access to a Related Personal Assistant to arrange everything from entertainment and home management services to move-in-coordination, and a Related Technology Concierge to provide computer and technology services.

The highly trained staff at 500 Lake Shore Drive also includes an on-site Resident Service Specialist to address any resident request, a 24-hour concierge stationed in the building’s lobby, and a white glove doorman. Residents at 500 Lake Shore Drive also enjoy an broad suite of thoughtfully selected amenities. The 500 Club, which encompasses the entire 12th floor, features a residents-only fitness center by Equinox®; fully equipped game room; screening room with dual televisions and a wet bar; lounge, library and coffee bar; tech center equipped with iMacs; and a reservable entertainment suite with catering kitchen and private terrace with grill. Amenity-level outdoor space includes a lushly landscaped rooftop terrace with a pool, hot tub, private cabanas, fire pit and kitchens with grills.

The building, which is 100 percent smoke-free, also features Chicago’s first Dog City, an on-site full-service pet care center, and a full suite of technology amenities. 500 Lake Shore Drive is one of the first rental buildings in Chicago to include a distributed antenna system (DAS) in each unit, which enhances cell phone service throughout the building. The building’s 11-story garage includes both private and public parking, a bike share program and on-site Zip Cars. For more information, visit www.500LakeShore.com, call (312) 850-0500, or visit the building’s on-site leasing center.

 

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About Related Midwest : Related Midwest, the Chicago office of Related Companies, is the preeminent Chicago developer of luxury condominium and rental homes, affordable housing and unique mixed-use properties since 1988. Recognized for its innovative, market-defining developments, Related Midwest creates properties of enduring value such as 340 on the Park, the first LEED-Silver residential tower in the Midwest. Currently the most active player in Chicago development, Related Midwest has two ultra luxury rental developments totaling more than 1,000 residences in downtown Chicago: 500 North Lake Shore Drive (currently leasing) and 111 West Wacker Drive (opening Summer 2014). The firm is also marketing South Loop Luxury by Related, three marquee South Loop condominium properties, and One Evanston, one of Evanston’s fastest selling condo developments. Among Related Midwest’s successes in the downtown Chicago area are The Residences on Lake Shore Park (comprising 840 Lake Shore Drive, The Pearson, and The Belvedere), the Park Hyatt Hotel and Park Tower Condominiums at 800 N. Michigan Avenue, and 340 on the Park at 340 E. Randolph Street.

 

### Editors: For more information or to schedule an interview, contact Sarah Lyons at (312) 267-4520 or [email protected]; or Kim Manning at (312) 267-4527 or [email protected].