This Week’s Chicago Deal Sheet
Sterling Bay Chief Diversity and Engagement Officer Keiana Barrett was tapped to co-lead Chicago’s host committee for the 2024 Democratic National Convention.
In the role, Barrett will spearhead the committee’s efforts to engage the city’s communities in planning efforts, creating opportunities for residents to contribute to event ramp-up and programming. To do so, Barrett will take a yearlong hiatus from her role at Sterling Bay.
“We are incredibly proud of Keiana Barrett’s selection to lead Chicago’s efforts to host the 2024 Democratic National Convention,” Sterling Bay CEO Andy Gloor said in a press release.
“Keiana’s commitment to advancing diversity and inclusion in commercial real estate has been a driving force at Sterling Bay, positively impacting our firm and various minority and women-owned businesses across the city. We’re confident that she will bring the same passion and dedication to this important role, showcasing Chicago, its culture, and its communities to a worldwide audience.”
Barrett will work as co-leader alongside Christy George, first assistant deputy governor in the budget and economy office for Illinois Gov. J.B. Pritzker. Barrett said she was honored to be selected to co-lead the host committee as a born-and-raised Chicagoan.
“This is a once-in-a-lifetime opportunity to highlight the strength and diversity of our city, ensuring that every voice is heard during the planning process and that everybody is included in the event,” Barrett said in the release. “I am especially excited to work alongside Christy George, a career-long public servant, and collaborate with the talented teams planning this historic occasion.”
PEOPLE
Leopardo, a privately owned construction firm based in Chicago, named Giancarlo Pacini as the company’s president. The firm’s current president and CEO, Mike Leopardo, will remain CEO and work with Pacini to transition roles and responsibilities. Previously, Pacini worked as senior vice president of Leopardo’s healthcare and senior living markets, which make up a substantial portion of the company’s overall revenue. The industry veteran has been with the company for 25 years, first joining Leopardo as an intern in 1997.
SALES
Interra Realty, a Chicago-based commercial real estate investment services firm, made two multifamily property sales on the South Side: a 19-unit apartment building at 7757-59 South Winchester Ave. and a 12-unit building at 506-14 East 70th St. The total price for the deals was $1.65M. Interra Managing Partner Lucas Fryman represented both parties in the Winchester Ave. transaction, while Interra Director Max Grossman represented both parties in the 70th Street deal.
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Plymouth Industrial REIT sold a 306K SF industrial building at 6510 West 73rd St. in Bedford Park for $19.9M to an undisclosed buyer. The net proceeds from the sale were $13.9M after Plymouth paid off a $5.8M mortgage secured by the property and made other adjustments. Plymouth is aiming to use the net proceeds from the sale to help pay down debts and fund its development program.
LEASES
Lee & Associates closed a lease for an 87.7K SF industrial building at 1723-1757 Marshall Drive in Des Plaines. Lee & Associates Senior Vice President Rick Anesi represented the tenant, Advanced Plastic Corp., a custom plastic extrusion company. Lee & Associates principals Jeff Janda and John Cassidy, along with Senior Vice President Brad Simousek, represented the owner, DRA Advisors.
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Lockton Cos., an independent insurance brokerage, is extending its lease at 500 West Monroe St. in the West Loop and will increase its presence by 14.5K SF. Lockton will now lease space on 2.5 floors, bringing its total footprint to 66.7K SF.
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RWE, a renewable energy company, agreed to a new lease and expanded its space at 353 North Clark St. The company will go from one floor at 28.5K SF to two floors at 56.9K SF.
CONSTRUCTION AND DEVELOPMENT
Ferrero North America, part of the chocolate and confectionery company the Ferrero Group, opened its new Innovation Center and North America research and development labs in the Marshall Field and Co. Building. The new center expands Ferrero’s Illinois footprint. The company manufactures Butterfinger and Baby Ruth products at its plant in Franklin Park and Keebler products on 110th Street in Chicago.
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Ware Malcomb, an international design firm, completed construction on a new Chicago office for global asset manager Janus Henderson Investors. The office is at 71 South Wacker Drive, a 48-story high-rise in the heart of the Loop. The firm partnered with JLL to achieve LEED Platinum certification. The new office includes meeting and small breakout spaces, a reception space, and an open work café and large lounge spaces.
