TIME TO BUILD OFFICE; THE DEAL SHEET
| No more using your hard hat as a cereal bowl. Large office tenants are shopping Downtown, and the lack of large blocks makes the timing look right for development, says Tishman Speyer managing director Vicki Noonan, who's speaking at our Bisnow State of Office event on April 24. | ||
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| Vicki (snapped at a USGBC meeting with dbHMS's Aubrey Swift and her colleague Ryan Tinnus) tells us there's no answer yet on whether those looking want new trophies or repurposed buildings. Still, Tishman Speyer has plans for a 1M SF office tower at 130 N Franklin. "The marketing package for the development should be ready by the end of the month," she tells us. "Krueck + Sexton Architects has designed a spectacular building, and we're optimistic about the opportunity to develop it." Vicki joins Zeller Realty's Paul Zeller, Trammell Crow's Grady Hamilton, Fifield's Steven Fifield, The Alter Group's Richard Gatto, Studley's Joseph Learner, CBRE's Chris Connelly, JLL's Steve Smith, MB Real Estate's Andrew Davidson, Quarles & Brady's Theodore Yi, and Reznick Group's George Klenovich at our event at Trump International Hotel & Tower. Sign up here! | ||
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| SALES | ||
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| A JV of Structured Development and Bucksbaum Retail Properties subsidiary Maxel New City acquired eight acres at Halsted St and Clybourn Ave, where it'll build the $230M mixed-use New City (370k SF of retail and 280 apartments), scheduled to open in 2014. Roundy's Supermarkets will open an 80k SF Mariano's Fresh Market there. | ||
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| Venture One Real Estate's VK Industrial I fund has acquired DeKalb's 1085 Peace Rd. The 147k SF manufacturing and distribution facility was built in '01 and Joseph T. Ryerson & Sons has a long-term lease. Milner & Associates's Steven Milner repped the seller, Timberline Building Enterprises, and Competitive Property Solutions' Chris Pontarelli, Daum Commercial Real Estate's Kathy Bellinger, and C&W's Sally Macoicz repped the new tenant. | ||
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The same Venture One fund also bought two buildings (65k SF) at 140-162 Pinnacle Dr in Romeoville’s Pinnacle Business Center. Built in ’08 as industrial condos between 3,700 SF and 33,800 SF, they’ve never been occupied and will be offered for lease and sale. *** Bridge Development Partners and Wanxiang America Corp acquired the 184k SF 2727 Old Higgins Rd (at Elmhurst and Higgins roads in Elk Grove) for $3M from a local investor and will redevelop it this summer into a cargo building with 32-foot ceilings and 35 docks. |
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| LEASES | ||
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| Medicaid benefits administrator Automated Health Systems signed a long-term extension for 25k SF at Schaumburg's 183k SF Woodfield Financial Centre at Woodfield and Meacham roads. JLL's Rick Benoy repped the landlord, Fulcrum Asset Advisors. C&W's Max Chopovsky repped the tenant, which has occupied the entire sixth floor since '06. The building is 82% leased. | ||
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Samson Management, repped by Newmark Knight Frank’s capital group, sold Logan Park’s 2778 N Milwaukee for $2.4M. The 1942-vintage, 42k SF building has a 12k SF Gap Outlet that just renewed its triple-net lease for five years. It’s also leased year to year to a currency exchange. The buyer, repped by Essex Realty’s Matt Welke, will redevelop the vacant top three floors into rental apartments, possibly more than 20 units. *** Milan-based Bucellati, repped by Prudential Douglas Elliman's Faith Hope Consolo and Joe Aquino, has signed a long-term lease at 56-68 E Oak St between North Rush Street and North Lake Shore Drive in the newly renovated Esquire Theater. This is the retailer's second US store, and it plans more in primary markets over the next few years. Atlas Partners Commercial Brokerage repped the landlord. |
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| CONSTRUCTION | ||
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| American Society for Surgery of the Hand selected Summit Design + Build as general contractor for its HQ at 822 W Washington Blvd, now a two-story, 30k SF office/warehouse. ASSH will occupy the second floor, and the first floor will have loft-style offices and a conference room. Patrick Brown will be senior project manager and Rodger Meyer superintendent. MRSA Architects & Planners is the architect. | ||
| EXECUTIVE NEWS & AWARDS | ||
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| Colliers' Lloyd Berry has been elected the 2012 president of CCIM's 225-member Illinois chapter. He was also re-elected to a two-year term on The Greater North Michigan Avenue Association’s board of directors. | ||
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John Carlson is now senior associate in the Midwest business unit for Trammell Crow, responsible for development and acquisitions in suburban Chicago and Minneapolis. He previously worked for Opus Development. *** Leopardo has promoted Daniel Ulbricht to VP of strategic accounts. He's also lead singer and guitarist in Leopardo’s charitable rock band, Liquidated Damages. Formed in '99, it plays fundraisers and has raised more than $1.2M for organizations like City of Hope, UPS for DownS, the Federation of Women Contractors, Alzheimer’s Association, Special Olympics, and Beacon Therapeutics. *** The Thornton Tomasetti Foundation endowment to the University of Illinois Department of Civil and Environmental Engineering will award its fourth Eli W. Cohen Scholarship ($1,500) to University of Illinois civil engineering major Hong Kim at the Civil and Environmental Awards Convocation lunch on Saturday at the I-Hotel and Conference Center in Champaign. |
