News
CHICAGO'S NEXT OFFICE BUILDING
April 18, 2012
| Keep an eye on the parking lot at 625 W Adams, says Alter Group EVP Rich Gatto. (If you don't think you can keep your eye on it non-stop, then get a partner and stake it out.) Alter and White Oak Realty, led by Richard Blum, hope to build a 20-story tower there. Learn more from Rich at Bisnow's Chicago State of the Office Market April 24 at The Trump International Hotel & Tower. | ||
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| Rich says that big tenants are on the verge of signing up for large blocks of space in new downtown towers. Even though vacancy is still relatively high, there are few big blocks to choose from. And the Chicago CBD is seeing an influx of new tenants doing relos from area suburbs and other Midwest cities. (Can we call Chicago the Rome of the Midwest? All roads lead there.) Rich envisions a 400k SF tower on the W Adams site, so a 200k SF lease is enough for him to get out of the ground. While focused on filling existing offices left vacant “when the music stopped” a few years ago (including Alter’s 111 W Illinois St), Rich is also looking for office development sites in South Florida. And Alter Care, the company's healthcare affiliate, is building facilities in Philly and Tampa. | ||
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