Wednesday, October 15, 2025
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IllinoisLeasing ActivityMidwestOffice

Transwestern Negotiates Two Lease Expansions at Downtown Chicago Office Tower

by Kristin Harlow

CHICAGO — Transwestern Real Estate Services has negotiated two lease expansions at 191 North Wacker Drive in Chicago’s West Loop. The 37-story office tower spans 733,759 square feet. Qualtrics, a software company for employee and customer experience, expanded its lease from 25,600 square feet to 51,200 square feet. Skills for Chicagoland’s Future, a nonprofit focused on increasing the economic mobility of unemployed and underemployed talent, also increased its lease from 3,828 square feet to 13,290 square feet. Katie Steele and Kathleen Bertrand of Transwestern represented ownership, Allianz Real Estate and JHUSA. Evan Djikas of Colliers represented Qualtrics, while Jon Milonas and Brandon Green of CBRE represented the nonprofit. Ownership plans to complete significant capital improvements to the property this year, including a renovated lobby, refreshed tenant lounge and upgraded fitness center.

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DevelopmentIllinoisLeasing ActivityMidwestRetail

Allsteel to Open 24,000 SF Showroom in Chicago’s Fulton Market

by Kristin Harlow

CHICAGO — Allsteel Inc., an Iowa-based furniture manufacturer, has unveiled plans to open a new 24,000-square-foot showroom in Chicago’s Fulton Market district. The company plans to relocate from its current space at Merchandise Mart to 345 N. Morgan St. in the first quarter of 2023. Owner and developer Sterling Bay recently topped out the office and retail building, which is slated for completion later this summer. Chicago-based Partners by Design is the architect for Allsteel’s space.

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DevelopmentIllinoisIndustrialMidwest

Peak Construction to Build 477,115 SF Spec Warehouse in Elgin, Illinois

by Kristin Harlow

ELGIN, ILL. — Developer Scannell Properties has selected Peak Construction Corp. to build a new 477,115-square-foot speculative warehouse in Elgin. Slated for completion in late December, the project will feature a clear height of 36 feet, 40 dock doors, four drive-in doors, trailer storage and parking for 372 cars. Harris Architects Inc. and Haeger Engineering make up the project team.

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IllinoisIndustrialLoansMidwest

American Street Capital Arranges $9.4M for Refinancing of Chicago Industrial Portfolio

by Kristin Harlow

CHICAGO — American Street Capital (ASC) has arranged two loans totaling $9.4 million for the refinancing of a light industrial portfolio in Chicago. The first transaction was a $6.1 million loan for a 102,850-square-foot building. The second was a $3.3 million loan for a 90,975-square-foot, two-building property. Igor Zhizhin of ASC structured both loans with five-year terms and 25-year amortization schedules. A bank provided both loans.

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AcquisitionsIllinoisMidwestOffice

Cawley Chicago Arranges $2.8M Sale of Office Building Near Chicago’s Fulton Market

by Kristin Harlow

CHICAGO — Cawley Chicago has arranged the sale of a 16,350-square-foot office building on the northern border of Chicago’s Fulton Market district for $2.8 million. The two-story brick, steel and timber building is located at 451 N. Racine Ave. Zach Pruitt and Nicholas Schaefer of Cawley represented the seller, an entity doing business as 1005 N California LLC. Marco Federow of MK Asset Management represented the buyer, advertising agency The Times.

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DevelopmentIllinoisIndustrialMidwest

Krusinski Construction Completes 19,000 SF Auto Center in Joliet, Illinois

by Kristin Harlow

JOLIET, ILL. — Krusinski Construction Co. has completed a new automotive center for Cassidy Best-One Tire & Service in Joliet’s Rock Creek Logistics Center. Ketone Partners, which served as developer for the 19,000-square-foot project, also owns the 263-acre Rock Creek Logistics Center. The auto center features 20 drive-in doors, 10 service bays, 1,000 square feet of office space, nine car parking stalls and seven trailer stalls. Cassidy Best-One will provide truck and automotive tire work as well as general maintenance for a variety of vehicles. The project team included Cornerstone Architects as architect and Jacob & Hefner Associates as civil engineer.

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IllinoisMidwestRetail

Brookfield Properties Turns Over Water Tower Place Mall in Downtown Chicago to Lender

by Kristin Harlow

CHICAGO — Brookfield Properties is turning over Water Tower Place to its lender, a unit of insurer MetLife, according to reports by the Chicago Sun-Times and Crain’s Chicago Business. The two media outlets report that the action indicates that the shopping mall is worth less than the estimated $300 million in debt owed on it. Situated on North Michigan Avenue in downtown Chicago, the mall lost its anchor tenant Macy’s last year. The property, which was the city’s first indoor mall when it opened in 1975, rises nine stories and spans 818,000 square feet. Today, nearly a quarter of all of Chicago’s Magnificent Mile retail space is vacant, more than double its vacancy four years ago, according to Crain’s.

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DevelopmentIllinoisIndustrialMidwest

Contegra Underway on 800,000 SF Spec Distribution Center Near St. Louis

by Kristin Harlow

EDWARDSVILLE, ILL. — Contegra Construction Co. is underway on Gateway Commerce Center in Edwardsville near St. Louis. The 800,000-square-foot speculative distribution center is slated for completion this fall. EQT Exeter is the developer. Upon completion, the project will feature 146 dock doors, four drive-through doors, 3,000 square feet of office space, a specialized HVAC system and parking for 206 trucks and 538 cars.

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AcquisitionsIllinoisIndustrialMidwest

Conor Commercial Real Estate Sells Two-Building Industrial Development in Elgin, Illinois

by Kristin Harlow

ELGIN, ILL. — Conor Commercial Real Estate has sold Northwest Pointe III in Elgin for an undisclosed price. The property consists of two industrial buildings totaling 349,080 square feet and is situated within Northwest Corporate Park. At the time of sale, the property was 72 percent leased to three tenants, including Continental Packaging. Both buildings feature a clear height of 32 feet and 20 dock doors. McShane Construction Co. served as general contractor and Ware Malcomb was the architect. Ed Halibert and John Hugenard of JLL represented Conor in the sale to the private buyer.

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DevelopmentIllinoisMidwestRetail

McHugh Construction Breaks Ground on FanDuel Sportsbook at Chicago’s United Center

by Kristin Harlow

CHICAGO — Chicago-based McHugh Construction has broken ground on FanDuel Sportsbook, a new 13,000-square-foot sports betting venue being developed by online gaming company FanDuel Group at the United Center in Chicago. The United Center is the home of the Chicago Bulls and Chicago Blackhawks. Completion is slated for August. The two-story lounge is being constructed in areas that formerly housed offices for the United Center and Blackhawks staff as well as two lower-level suites. HOK is the architect for the project, which will feature state-of-the-art viewing and sports wagering technology. The facility will also include a large commercial kitchen and multiple bars.

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