Chicago, IL (July 6, 2009)
Paul, Hastings, Janofsky & Walker LLP, a leading international law firm, announced today that it advised MRL Acquisition, LLC in its agreement to sell the 37-acre Michael Reese Hospital site to the City of Chicago. The transaction, valued at $86 million, closed on June 30, 2009. MRL Acquisition LLC is a subsidiary of Medline Industries, Inc., a medical supply manufacturer based in Mundelein, Illinois. A subsidiary of Medline Industries, Inc. is currently the holder of a loan to the City of Chicago backed by the full faith and credit of the City for the term of the loan and which is locked out to prepayment for seven years.
The City of Chicago intends to utilize the Michael Reese site for the Olympic Village in connection with its bid to host the 2016 Summer Olympic and Paralympic Games. The proposed Village site will provide ample space for developing a world-class community that is sustainable, accessible, and provides a comfortable environment that enables athletes to perform at their highest levels. If Chicago is not selected to host the Games in 2016, the City of Chicago will continue to pursue development of this new lakeside community on the Citys Near South Side.
According to Daniel Perlman, MRL Acquisition, LLC also agreed to make significant charitable contributions to the Citys Olympic effort and should be commended as not only being savvy investors, but being extremely philanthropic with respect to allowing the City to achieve its vision for the site.
Chicago partner Daniel Perlman led the Paul Hastings team, which included partners Brad Ritter, Tom Mounteer, and Andrew Short, and associates Matthew Brigham, Tarun Chandran, Michael Lukens, and Leah Weiss.
About Medline Industries, Inc.: Medline Industries, Inc. is a leading manufacturer of medical supplies serving hospitals, nursing homes, and home health agencies. Paul, Hastings, Janofsky & Walker LLP is a leading international law firm with offices in Asia, Europe, and the United States. We provide innovative legal solutions to financial institutions and Fortune 500 companies. Please visit www.paulhastings.com for more information.