This Week's Chicago Deal Sheet
MakeOffices made a splash in downtown Chicago last year when it opened locations at River North Point and One North State Street. Now the co-working giant is expanding one of those offices.
MakeOffices began construction of the expansion of its 51K SF location on the 14th and 15th floors at One North State.
MakeOffices at The Loop has 484 office seats spread across 150 office suites — ranging from one- to 30-person offices — as well as 55 open desks. The expansion will add 37 office seats, bringing the location’s total to 576. This location is 70% occupied by 400 members, including Opternative, Rep IQ, Aisle Rocket Studios, PowerPost, Prepared Health and ProPublica, which has a custom-designed 22-person suite.
The expansion plans, which deliver Nov. 1, include the demolition of 27 offices to create five larger team offices. Previous expansions plans, which delivered earlier this year, included the conversion of three conference rooms into 30 office seats.
SALES
CBRE’s Nate Hahn and Douglas Johnson represented Tinley Inn and Tinley Gardens in the sale of the 117-room Hilton Garden Inn Chicago South at 18335 South LaGrange Road in Tinley Park.
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Brown Commercial Group completed the following transactions:
- Dan Brown represented the seller, Andrews Paperboard, in a 32K SF industrial sale leaseback transaction at 1200 Pratt Blvd. in Elk Grove Village. Brown Commercial’s Jim Pietrarosso represented the buyer, a private investor.
- Brown represented the seller of a 34K SF industrial building at 502 Morse Road in Schaumburg. Pietrarosso represented a private investor in the transaction.
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Millennium Properties’ Brad Thompson sold a 24K SF office building at 5450 Wansford Way in Rockford at auction. The sale price was $500K.
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Essex Realty’s Steve Livaditis and Joe Scheck represented the seller, and Doug Imber, Kate Varde and Clay Maxfield represented the buyer, in the $3.5M sale of 1523 West Chicago Ave., a two-building, eight-unit asset in East Village. They buyer plans to add nine additional apartments.
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Transwestern’s Thomas Boyle represented Rime Investments in the disposition of a 228-acre former greyhound racing track at 5522 104th Ave. in Kenosha, Wisconsin. The buyer, Majestic Realty, plans to redevelop the site into a 2M SF industrial park.
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NKF’s Elise Couston represented Barings Real Estate Advisors in the acquisition of a 186K SF industrial spec development at 1365-1395 Brewster Creek Blvd. within the Brewster Creek Business Park in Bartlett. NKF’s Adam Marshall and Mark Deady represented the seller, Ridge Development.
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Interra Realty’s Brad Feldman and Adam Saxon were the sole brokers in the $1.9M sale of a seven-unit, mixed-use property at 1344-46 West Devon in Edgewater.
LEASES
CBRE’s Cal Wessman, Bill Sheehy and Jon Milonas represented Fox Swibel, and Transwestern’s Jeff Dowdell and Katie Steele represented the landlord in a 23K SF lease extension at 200 West Madison.
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Advocate Commercial Real Estate Advisors' Craig Braham, Mike Webber and David Knight represented Waud Capital Partners in a lease expansion from 13K SF to 20K SF at its 300 North LaSalle offices, to accommodate existing and planned future growth.
HIRES/PROMOTIONS
Podolsky Circle hired Gina Fridberg as director of business development. Fridberg was most recently senior vice president at Fifth Third Bank, where she originated and managed over $400M in construction and acquisition loans across the nation.
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McCaffery Interests hired Pierre Melhado as director of property services and promoted Tara Hicks to director of asset management. Melhado returns to Chicago after a stint as director of operations for Laramar Group in Los Angeles. Hicks, who joined McCaffery in January, was previously at The Carlyle Group and Allied Capital.
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McKinstry hired Frank Colacicco as regional director for Illinois.
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JLL hired Jim Whitaker to lead the firm’s engineering services business across the Americas. Whitaker joined JLL after more than a decade as president and CEO of Facility Engineering Associates, a Virginia-based engineering consulting firm.
DEVELOPMENT
Graycor Construction Co.’s project team, led by Mark Neubauer, completed the first two phases of the Chicago Marriott Lincolnshire Resort renovation. The team renovated all 390 guest rooms and suites, including new windows, HVAC, carpet, ceramic tile, shower door and bathroom fixtures, wall covering and fresh paint. The team also built a 5K SF climate-controlled, tented pavilion adjacent to the hotel.
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J.C. Anderson completed interior renovations on behalf of Pernod Ricard USA within the Oakbrook Terrace Tower in Oakbrook Terrace. Property owner and manager Equity Office selected J.C. Anderson to complete the tenant improvements to the space on the 21st floor within the 31-story, Class-A suburban office building. Seth Erlich was project executive, Andrew Mott was assistant project manager and Bill Deninson was project superintendent.
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Boutique Properties and Contemporary Concepts started sales at 445 Arlington, an eight-unit luxury condo development in Lincoln Park. Erin Mandel of @properties is marketing the property.
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Phillips Edison received $1.75M in future sales tax rebates from the Village of Glen Ellyn to execute improvements on the Baker Hill Shopping Center. Phillips Edison also signed a lease with Pete’s Fresh Market to serve as the 135K SF center’s anchor tenant.
KUDOS
Podolsky Circle was awarded the property management assignment for 1700 West Higgins Road in Des Plaines, on behalf of Australia-based ownership Quattro Asset Management. Podolsky Circle recently relocated its office within the building, offering the owners and tenants on-site management. Melissa Podolsky will lead the management team.
