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AcquisitionsIllinoisMidwestMultifamily

Coldwell Banker Commercial Realty Negotiates Sale of 60-Unit Apartment Building Under Construction in Chicago

by Kristin Harlow

CHICAGO — Coldwell Banker Commercial Realty has negotiated the sale of a 60-unit apartment building under construction in Chicago’s Lincoln Square neighborhood. The sales price was undisclosed, but the list price was $4 million. The property at 5035 N. Lincoln Ave. will comprise 80 percent market-rate units and 20 percent affordable housing. Choudhry Muzaffar of Coldwell Banker brokered the sale. The buyer, TRIETH Development, intends to complete construction and add additional units. The development had been stalled for four years and went into receivership.

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DevelopmentIllinoisMidwestOfficeTop Stories

60-Story Office Tower With Salesforce as Anchor Tenant Opens in Chicago

by Kristin Harlow

CHICAGO — Salesforce Tower Chicago, a 60-story office building featuring software provider Salesforce Inc. as the anchor tenant, has opened in the Windy City. The 1.2 million-square-foot tower is situated along the Chicago River and is part of Wolf Point, a three-phase development designed by Pelli Clarke Pelli. Hines developed Wolf Point in partnership with the longtime landowner, the Joseph P. Kennedy Family. As a result of the rise of remote work during the pandemic, Salesforce has reduced its footprint in the building from 500,000 square feet to 360,000 square feet, according to Crain’s Chicago Business. The remaining 140,000 square feet of space is empty and available for sublease. Salesforce consolidated its local employees into the building from four offices downtown and one in suburban Naperville, according to Crain’s. The company’s lease runs through May 2040. Salesforce Tower Chicago features focus spaces like libraries and focus pods, as well as areas for team collaboration and connection such as event spaces and communal kitchens. Throughout the workspaces are a mix of mindfulness rooms, pods of height-adjustable desks, and meeting and training rooms. Salesforce doubled the size of the social lounges on its employee floors and added more conference rooms equipped with …

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AcquisitionsHealthcareIllinoisMidwest

Cushman & Wakefield Brokers $11M Sale of Medical Office Portfolio in Libertyville, Illinois

by Kristin Harlow

LIBERTYVILLE, ILL. — Cushman & Wakefield has brokered the $11 million sale of the Hollister Grove Medical Office Portfolio in Libertyville, a northern suburb of Chicago. The portfolio consists of 1800 Hollister Drive, which totals 58,000 square feet across three floors. Located on the campus of Hollister Inc., the property is 91 percent leased to tenants such as Advocate Infusion Center, Illinois Retina Associates and Northwest Neurology. The other property in the portfolio is 1900 Hollister Drive, which totals 34,000 square feet across three floors. The building is 57 percent leased to tenants such as Weil Foot & Ankle, Northshore Allergy, Northshore Primary Care and Ear, Nose & Throat Specialists of IL. Gino Lollio, Travis Ives, Sushil Puria and Tyler Morss of Cushman & Wakefield represented the seller, Libertyville-based Hollister Inc., which is a medical supply manufacturer. Skokie-based Stage Equity Partners was the buyer.

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Negotiates $3.8M Sale of Retail Property in Springfield, Illinois

by Kristin Harlow

SPRINGFIELD, ILL. — Marcus & Millichap has negotiated the $3.8 million sale of Springfield Commons, a 15,680-square-foot retail property located at 2701 N. Dirksen Parkway in Springfield. Alex Perez and Chris Garavaglia of Marcus & Millichap represented the seller, a limited liability company. The property sold near list price to an all-cash, coastal buyer.

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IllinoisIndustrialLeasing ActivityMidwest

Lampshades Inc. Signs 16,950 SF Industrial Lease in Bedford Park, Illinois

by Kristin Harlow

BEDFORD PARK, ILL. — Lampshades Inc., a manufacturer and distributor of lamp shades, has signed a 16,950-square-foot industrial lease at 5009 W. 66th St. in Bedford Park, about 15 miles southwest of Chicago. The tenant is relocating from Ogden Avenue in Chicago. The 255,000-square-foot building features a clear height of 18 feet, access to four common docks, 2,400 square feet of office space and one drive-in door. Ed Wabick and Chris Mergenthaler of DarwinPW Realty/CORFAC International represented the tenant. John D’Orazio of Colliers represented the owner, Mumford Properties.

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IllinoisLeasing ActivityLife SciencesMidwest

Belay Diagnostics Expands Lease to 10,000 SF at Fulton Labs in Chicago

by Kristin Harlow

CHICAGO — Belay Diagnostics has expanded its lease to just over 10,000 square feet at Fulton Labs in Chicago. The expansion comes only a few months after the initial lease signing in August. The company, which uses a proprietary molecular testing platform for detecting brain and spinal cord cancers, leased an additional 6,100 square feet of space at 1375 W. Fulton. Dan Lyne and Kelsey Scheive of CBRE represented ownership, Trammell Crow Co. Fulton Labs totals 725,000 square feet across two buildings.

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Data CentersDevelopmentIllinoisIndustrialMidwest

Meta Opens 1 MSF Data Center at ChicagoWest Business Center in DeKalb, Illinois

by Kristin Harlow

DEKALB, ILL. — Meta, parent company of Facebook, has opened a new 1 million-square-foot data center at ChicagoWest Business Center in DeKalb, about 64 miles west of Chicago. The Meta property is adjacent to one of the recently announced Illinois MegaSites Investment Program projects. This site makes approximately 793 acres of additional land available at ChicagoWest Business Center that is ready for the next phase of development. ChicagoWest Business Center is home to other tenants such as Amazon, Ferrara and Kraft Heinz. Krusinski Construction Co. served as general contractor.

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IllinoisLeasing ActivityMidwestOffice

Workbox, Iron Galaxy Studios Sign Leases at The National Office Building in Chicago

by Kristin Harlow

CHICAGO — Workbox, a coworking space provider, and Iron Galaxy Studios, a national video game studio based in Chicago, have signed leases at The National, a 600,830-square-foot office building located at 125 S. Clark St. in Chicago. Workbox signed a new lease for 29,033 square feet and expects to open its new space in January. Iron Galaxy Studios expanded its current lease from 32,865 square feet to 48,156 square feet. John Nelson, Kathleen Bertrand and Eric Myers of Transwestern Real Estate Services represented ownership, Commerz Real. The National features amenities such as a fitness center, lounge with bar, pool table and outdoor terrace. The 24,000-square-foot Revival Food Hall offers tenants access to a variety of local restaurants. The property was originally built in 1907. Michael Kloppenburg of Avison Young represented Workbox, while Corey Siegrist and Jim Rose of JLL represented Iron Galaxy Studios.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $3.4M Sale of Chicago Multifamily Property

by Kristin Harlow

CHICAGO — Interra Realty has brokered the $3.4 million sale of a nine-unit multifamily property in Chicago’s Lakeview neighborhood. The primary building is located at 2852-56 N. Southport Ave. with an adjacent coach house located at 1411 W. George St. There are eight residential units that are fully occupied and one ground-floor retail space totaling 4,600 square feet that is vacant. Joe Smazal of Interra represented the local private seller.

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IllinoisLeasing ActivityMidwestRestaurantRetail

Good Eating Co. to Open 5,000 SF Restaurant at Chicago Office Building

by Kristin Harlow

CHICAGO — Good Eating Co. has leased 5,000 square feet at 77 W. Wacker Drive, a 51-story office tower totaling 960,000 square feet in Chicago’s Central Loop. The restaurant is slated to open in the first quarter of 2024 and will occupy space on the first floor. Good Eating Co. focuses on organic, locally sourced dishes. Transwestern Real Estate Services represented the undisclosed landlord. Transwestern leases and manages the property. Amenities at the building include a 12,000-square-foot wellness center with a basketball court, conferencing center and outdoor plaza.

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