News
One Giant Step for Jupiter
October 12, 2011
| Development at Jupiter Realty's 108 N Jefferson site just took a leap forward. It's hired Colliers International's agency leasing team led by Drew Nieman. | |
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| Yesterday, Drew told us the proposed 350k SF, 20-story office tower needs to be 50% leased before breaking ground. That's one 175k SF tenant or two tenants around 100k SF. Drew's been tracking up to 20 such tenants in the marketplace, but there's also a chance one could come in from the 'burbs or out of town, as United and MillerCoors have done in recent years. This is the second assignment (along with 233 N Michigan) for Drew and his colleagues Christy Domin and Jill Payne since Drew arrived back from the Middle East to reboot Colliers agency leasing late last year. | |
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| The proposed building includes a 150-car parking deck below ground, a fitness center, and 12-foot ceilings for the offices on the 5th and 19th floors. (Which would allow for regulation-size basketball hoops.) The first four floors will be retail, potentially restaurants for the office crowd. Drew says the competition is heating up in the West Loop development market, with four developers competing to be the first to sign an anchor tenant in buildings of 350k to 450k SF. He's glad to be working for Jupiter, who he says has a good rep for quality development in several property types. | |
