Illinois

Meta Plans to Expand DeKalb, Illinois Data Center for Total Investment of $1B

by Kristin Harlow April 29, 2022

DEKALB, ILL. — Facebook parent company Meta has unveiled plans to expand its data center that is currently under construction in DeKalb, more than doubling the square footage from two buildings to five. With the increased footprint, the project now represents a total investment of more than $1 billion. Meta previously announced that it was building its 12th U.S. data center in DeKalb in June 2020. Development costs were estimated at $800 million at that time. Crain’s Chicago Business reports that the five-building campus will be the largest data center in the state of Illinois. Meta says it selected DeKalb, which is located about 65 miles west of Chicago, for its access to renewable energy, talent pool and community partners. Meta is collaborating with the University of Illinois at Urbana-Champaign on a pilot program with the goal of developing a more sustainable concrete mix to help reduce the carbon footprint. Meta has also invested in two new wind energy projects in the Illinois counties of Morgan and DeWitt.

April 29, 2022

Development Illinois Midwest Office

Skender Completes Construction of 15-Story Office Building in Chicago’s West Loop

by Kristin Harlow April 29, 2022

CHICAGO — Skender has completed construction of 609 W. Randolph, a 15-story boutique office building in Chicago’s West Loop. Developed by Vista Property, the building spans more than 100,000 square feet and includes a tenant lounge, rooftop terrace, executive conference room, wellness studio and meeting spaces. The property has received WELL and LEED certifications and features high-performance air filters, motion-sensor restroom fixtures and touchless, automatic doors. CBRE is the leasing agent. Antunovich Associates designed the base of the building, while Partners by Design handled the design of the spec office suites.

April 29, 2022

Illinois Industrial Leasing Activity Midwest

Grane Distribution Services Renews 174,824 SF Industrial Lease in Bensenville, Illinois

by Kristin Harlow April 28, 2022

BENSENVILLE, ILL. — Transportation company Grane Distribution Services LLC has renewed its 174,824-square-foot industrial lease at 703 Foster Ave. in the Chicago suburb of Bensenville. The building, constructed in 1972, features 21 exterior docks, 14 interior docks and one drive-in door. George Cibula and Rick Daly of Darwin Realty/CORFAC International represented the landlord, Welbic Investments LLC, of which Speedwagon Capital Partners LLC is a partner. Grane has operated in the Chicago area since 1925.

April 28, 2022

Illinois Leasing Activity Midwest Office

Headline Solar Leases 15,000 SF for New Headquarters at Bell Works Chicagoland

by Kristin Harlow April 28, 2022

HOFFMAN ESTATES, ILL. — Headline Solar has leased 15,000 square feet of office space for its new headquarters at Bell Works Chicagoland in the Chicago suburb of Hoffman Estates. Bell Works is a $200 million redevelopment of the former AT&T campus. Headline Solar, a Midwest-based solar company, is relocating from a roughly 3,500-square-foot office at 1750 E. Golf Road in Schaumburg. Gregg Espach, Patrick Kobilca and Bryant McKenzie of Vestian represented Headline Solar in the lease negotiations. The 10-year lease included flexible terms, buildout allowances, the right to scale occupancy and swing space to house employees while the buildout was being completed, according to Vestian. Headline Solar is set to move into its new space by the end of this month.

April 28, 2022

Acquisitions Illinois Midwest Retail Top Stories

Silvestri Investments Acquires Flagship Neiman Marcus Building on Chicago’s Magnificent Mile

by Katie Sloan April 28, 2022

CHICAGO — Silvestri Investments Inc. has acquired the flagship Neiman Marcus building located at 737 N. Michigan Ave. within Chicago’s Magnificent Mile, a 13-block shopping district that attracts more than 30 million visitors annually. The transaction is one of only eight trades on Michigan Avenue over the past decade, according to JLL, which brokered the sale. The luxury department store chain has operated its 195,500-square-foot location since the four-story building was constructed in 1983. The 1.2-acre Neiman Marcus boasts the largest continuous frontage on Michigan Avenue at 200 feet. Amy Sands, Clinton Mitchell, Alex Sharrin and Michael Nieder of JLL’s Retail Capital Markets team represented the undisclosed seller and procured the buyer in the 1031 exchange transaction. Christopher Knight, also of JLL, secured a seven-year acquisition loan on behalf of the buyer. Chicago’s Magnificent Mile was hit particularly hard by the COVID-19 pandemic as tourism decreased and the city’s crime increased. Today, nearly a quarter of all Magnificent Mile retail space is vacant — more than double its vacancy four years ago, according to Crain’s Chicago Business. Earlier this month, Brookfield Properties announced that it was turning over Water Tower Place shopping mall to its lender, indicating that the property …

April 28, 2022

Development Illinois Life Sciences Midwest

Sterling Bay, Harrison Street Top Out Construction of 320,000 SF Life Sciences Building in Chicago

by Kristin Harlow April 27, 2022

CHICAGO — Sterling Bay and Harrison Street have topped out construction of 1229 W. Concord Place, a 320,000-square-foot life sciences building located along the North Branch of the Chicago River. Designed by Gensler and situated in Lincoln Yards, the Class A development will feature several amenities and outdoor gathering spaces. The developers are pursuing LEED Silver certification and the WELL Health-Safety Rating. Completion is slated for the fourth quarter of this year. Power Construction is the general contractor.

April 27, 2022

Development Illinois Midwest Office

Hines Tops Out 60-Story, 1.2 MSF Salesforce Tower Chicago

by Kristin Harlow April 26, 2022

CHICAGO — Hines has completed the concrete core and steel structure for Salesforce Tower Chicago, a 60-story, 1.2 million-square-foot office tower under development in downtown Chicago. The project is the first building in Chicago to require and measure Environmental Product Declarations (EPDs) to quantify the carbon emissions of concrete, steel and other various construction materials, according to Hines. This led to a 19 percent overall reduction in carbon emissions for steel and concrete in comparison to the industry average, adds the developer. Hines partnered with Magnusson Klemencic Associates, a structural and civil engineering firm, to spearhead the creation of the Embodied Carbon Reduction Guidebook to educate Hines employees and industry peers about carbon reduction results. Neither a timeline for completion of Salesforce Tower Chicago was provided, nor were additional tenants besides Salesforce.

April 26, 2022

Acquisitions Illinois Industrial Midwest Self-Storage

JLL Brokers Sale of 4,317-Unit Self-Storage Portfolio Across Three States

by Kristin Harlow April 26, 2022

CHICAGO — Chicago-based JLL Capital Markets has brokered the sale of an eight-property self-storage portfolio totaling 4,317 units across Illinois, North Carolina and Texas for an undisclosed price. In addition to a property in Chicago, the facilities are located in Plano, Little Elm, Garland and Flower Mound, Texas; and Durham, Raleigh and Spring Lake, N.C. The portfolio was 93 percent leased as of year-end 2021. Steve Mellon and Brian Somoza led the JLL team that represented the seller, Harrison Street. Life Storage was the buyer.

April 26, 2022

Illinois Leasing Activity Midwest Office

Illinois Department of Public Health Leases 9,923 SF of Office Space in Fairview Heights

by Kristin Harlow April 26, 2022

FAIRVIEW HEIGHTS, ILL. — The Illinois Department of Public Health has leased 9,923 square feet of office space at 11 Executive Drive in Fairview Heights, just east of St. Louis. Brokerage firm Barber Murphy represented the landlord, RETKO Group LLC. The representative of the tenant was not provided.

April 26, 2022

Development Illinois Midwest Multifamily Seniors Housing

Lifespace Breaks Ground on Independent Living Expansion in Downers Grove, Illinois

by Kristin Harlow April 25, 2022

DOWNERS GROVE, ILL. — Lifespace Communities has broken ground on an expansion project at Oak Trace, a nonprofit continuing care retirement community in the Chicago suburb of Downers Grove. The expansion is Phase II of a $112 million reinvestment project at the community. The first phase, which converted some units to assisted living to complete the continuum of care, was completed in 2019. Phase II will add 145 independent living apartments, bringing the total from 232 to 377. Completion is scheduled for 2023. In addition to increasing the number of available independent living apartments, new construction will include a clubhouse featuring a fitness center, pool, salon, casual dining venue, café seating, multipurpose room, living room and new lobby. Existing common areas will also be renovated. Once the second phase of construction is completed, the health center will be connected to the existing independent living building via the new clubhouse. In addition to the independent living units, the senior living community currently features 66 assisted living apartments, 28 memory support suites and 104 skilled nursing suites.

April 25, 2022

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