This Week's Chicago Deal Sheet
Irvine Co. announced a plan to invest nearly $30M into 300 North LaSalle St., including a three-story lobby modernization, an indoor-outdoor terrace on the Riverwalk, new dining options, a coffee bar, an upgraded fitness studio and a conference center.
“300 North LaSalle, with its prestigious riverfront location and presence on the Chicago skyline, is the ideal home for companies wanting to provide an engaging workday experience for their employees," Irvine Co. Commercial Properties Group President Jonathan Brinsden said in a release. "This major reinvestment will further elevate and transform the building for the future of work."
Private equity firm GTCR and Chicago Cut Steakhouse have signed long-term lease extensions and expansions at the 60-story riverfront building in light of the plans.
“Irvine Company’s plans to transform 300 North LaSalle will keep it at the top of the list of coveted workplace destinations for forward-thinking companies looking to recruit and retain top talent and energize their workforce,” Savills Chicago Region President Robert Sevim said in the release. “Irvine Company provides its existing and future customers a compelling argument for the benefits of returning to the office.”
PEOPLE
Northmarq announced the promotion of Kevin McCarthy to managing director of the firm’s Chicago debt and equity team.
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Ryan Cullen joined ML Realty Partners as assistant development manager. He will focus on the budgeting and execution of tenant improvement projects.
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The Missner Group appointed Tina Ramos as its new chief investment officer.
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Robert Murray, senior vice president of Alston Construction, has expanded his regional leadership throughout the Midwest, including overseeing the company’s office in Downers Grove.
SALES
Inland Commercial Brokerage announced the sale of a 6-acre parcel on a 30-acre site to a local hotel developer. The property is located at the intersection of Northfield Meadows Boulevard and Freedom Drive in Bradley.
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Brown Commercial Group negotiated the sale of Jeffrey Elevator Co.'s 10.5K SF building at 570 Estes Ave. in Schaumburg to The Real Seal.
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Colliers arranged the sale of a 68K SF warehouse and distribution facility to frozen pizza maker Roncadin at 220 North Fairway Drive in Vernon Hills.
LEASING
Brown Commercial Group negotiated a full-building, 75K SF industrial lease at 2601 Lively Blvd. in Elk Grove Village. Masterpiece International will be combining three locations into one at the O'Hare submarket location.
The company also handled Advanced Metal Craft's move from a 15K SF space in Franklin Park to 44K SF across adjoining buildings in Bensenville.
CONSTRUCTION AND DEVELOPMENT
Skender started construction on Ace Hardware’s new headquarters at 2915 Jorie Blvd. in Oak Brook, a 250K SF build-out of the main building on McDonald’s former campus.
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The Equitable Funds and Berger Asset Management announced the opening of a new tenant amenity center and expansion of its spec suite leasing program at One Story Schaumburg. The property has 130K SF of office space across six single-story buildings at 1340 Remington Road in Schaumburg.
THIS AND THAT
Inherent L3C was selected as a top 25 finalist for the 2023 Ivory Prize for Housing Affordability. The final winners will be announced in May.
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Property management company NS Management was ranked No. 129 on the Inc. 5000 Regionals: Midwest list.
