For Immediate Release
For more information:
Tricia Van Horn, 312/943-2100
Larry Schaffel, 312/642-8869

Renting vs. owning: Great Location, Amenities draw Renters to 180 North Jefferson

September 30, 2004

CHICAGO--A great city location, outstanding building amenities and a home without the hassle of a long-term investment or up-front costs are drawing city-dwellers to 180 North Jefferson, a luxury new-construction apartment high-rise located in the West Loop neighborhood.

"Not everyone is looking to purchase a new residence, but they still want a luxury address in a great neighborhood," said developer Steve Fifield, president of the Fifield Companies.

"180 North Jefferson allows renters to live in a great neighborhood and enjoy all the city has to offer without making a major investment," said Robin Loewenberg Berger, vice president of NNP Residential & Development, marketing and managing agent of the high-rise.

When resident Viraj Patel needed to relocate from Atlanta, he chose 180 North Jefferson.

"I only had a couple of weeks to find a place to live, and 180 North Jefferson had apartments available immediately," said Patel, a 24-year-old financial analyst. "I liked that the building was brand new and the amenities that the building offered."

Since moving about 1½ months ago, Patel is living in a convertible apartment.

"I really like the neighborhood," Patel said. "I'm close to work and the restaurants on Randolph. And even though the neighborhood is conveniently located, it feels like it's removed from the busy-ness of the city."

180 North Jefferson resident Mark Palmer made the rental building home after owning various residences throughout the city and suburbs. At 46, Palmer was ready to enjoy renting as opposed to owning. He chose a 1-bedroom layout.

"The apartments look and live just like condos," said Palmer, an engineer at Children's Memorial Hospital. "And there are no assessments, no property taxes and no closing costs."

After owning a variety of homes, Palmer was used to an in-unit washer and dryer. All of the apartments at 180 North Jefferson feature a full washer and dryer.

"That was a big selling point for me," Palmer said.

The neighborhood was a draw for Palmer as well.

"I'm close to all the restaurants on Randolph and Grand as well as Greek Town," he said. "Plus I'm only 15 minutes from work."

The 274-unit building--being developed by Fifield Companies and Cornerstone Advisers--includes studios with 580 square feet, convertibles with 620 to 690 square feet, 1-bedroom units with 690 to 800 square feet, 2-bedroom layouts with 930 to 1,200 square feet and three-bedroom residences with 1,780 square feet of living area.

Monthly rents start at $1,179 for studios, $1,271 for convertibles, $1,477 for 1-bedrooms, $1,953 for 2-bedrooms and $4,000 for 3-bedrooms, according to NNP Residential & Development.

The rent includes heat and air conditioning, cooking gas, high-speed Internet access and high-definition satellite TV.

Each floor plan offered at 180 North Jefferson features an in-unit washer and dryer, granite countertops, oversized baths and open layouts.

Designed by architects Loewenberg + Associates, a key amenity of the building is the Hemisphere Club with facilities on the 2 nd , 3 rd and 28 th floors.

The Hemisphere Club features a roof-top deck with wrap-around views, fitness center and an indoor resistance pool and whirlpool. Other club amenities include a business center, library, conference facility, media lounge and party room.

Parking for 279 cars is available in the building.

For more information, or to reserve an apartment, please contact 180 North Jefferson at 312-207-1500 or log on to the website: www.180Njefferson.com.

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