This Week's Chicago Deal Sheet
Illinois Institute of Technology has leased about 34K SF in Trammell Crow Co.’s Fulton Labs innovation hub.
Illinois Tech will occupy the entire seventh floor of the wet lab facilities at 400 North Aberdeen, aiming to fuel scientific breakthroughs and industry-relevant research as the first academic institution to join an innovation ecosystem that includes Portal Innovations and the Chan Zuckerberg Biohub. It also marks the university’s first off-campus move to a commercial research hub. It will occupy the Fulton Market property by late summer 2024.
“As Chicago's only technology-focused university, Illinois Tech is uniquely positioned to advance cutting-edge innovations, offering a distinctive education and unique research program focused on using science, technology, and design thinking to address global challenges,” Illinois Tech Provost Kenneth Christensen said in a release.
“As the first academic institution to be part of this hub of innovation at Fulton Labs, we're not only setting the pace but also fortifying a diverse and thriving innovation ecosystem.”
Researchers will focus on biomedical and biological engineering, including sensors, separation science and electrochemical energy materials, along with more biology-focused research, such as therapeutics development.
PEOPLE
Clear Height Properties tapped Meredith Pond to serve as its director of culture and talent. Pond will be in charge of leading all strategic people-based initiatives at the company. Pond comes to Clear Height with almost 10 years in human resources strategy and administration at Kaleidoscope.
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TMG Real Estate Advisors has named Ryan Phillips a partner in the firm. Phillips has extensive experience working with clients across industries, including logistics, manufacturing and service-related businesses. As a partner, Phillips will continue to identify and secure warehouse, industrial, office and flex space solutions throughout Chicago and the surrounding regions.
SALES
Interra Realty brokered the $1.37M sale of a two-building, 20-unit multifamily portfolio in West Garfield Park and Austin. Interra associate Sam Gutierrez represented the local private buyer. Interra Director Max Grossman represented the confidential seller.
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Brown Commercial Group negotiated two industrial building acquisitions in the Chicago suburban market. Vice President of Sales Mason Hezner represented Clear Height Properties in acquiring a 20K SF building at 500-502 Crossen Ave. in Elk Grove Village for $1.6M. Brown Commercial Group Broker Pat Crowley represented Zenger's Inc. in acquiring a 13.3K SF industrial facility at 775 Kimberly Drive in Carol Stream.
LEASES
Readystate Asset Management signed a 13.5K SF lease at 360 North Green St., a 500K SF office tower under construction in Fulton Market. Readystate Asset Management is a multistrategy hedge fund founded by David Grossman and Ryan Garin, former Citadel executives. Delivery of the building is expected in 2024, and the space is over 70% pre-leased.
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Lathrop GPM has signed a new lease and will relocate its offices at 155 North Wacker in the summer of 2024. Currently located on the 30th floor of the 155 North Wacker Drive building, the firm’s Chicago office will move to a newly renovated space on the building’s 38th floor. The new layout and design will support the office’s continued growth and hybrid working needs.
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Heisler Hospitality signed a 10K SF, full-building lease for 165 North Morgan St. in Fulton Market. Heisler will open Pizza Lobo in the summer of 2024, led by veteran entrepreneur Matt Eisler and designer Kevin Heisner. Fulton Street Cos. purchased the property in December 2021 from a private investor.
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Lee & Associates fully leased 133 North Swift Road in Addison in a long-term agreement with an undisclosed electrical manufacturing company. The property features 29-foot ceilings, three interior docks and one drive-in door, and 25K SF of offices. Lee & Associates principals Jeffrey Janda and Jeffrey Galante represented the landlord. Noel Liston and Nick Krejci of Core Industrial Realty represented the tenant.
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Entre Commercial Realty leased half of a new 24.8K SF multitenant facility on 6.4 acres at 480 Miles Parkway in Bartlett. An unnamed tenant leased 12.4K SF along with additional trailer stalls within the facility that was completed in September.
Entre's Cory Kay and Mike DeSerto represented the landlord.
