315 N. Racine. Picture courtesy of Stream Realty Companions
Regardless of a sluggish business actual property market, Stream Realty Companions has expanded its leasing portfolio with the addition of greater than 800,000 sq. ft of workplace area spanning three Chicago buildings. The properties belong to 3 separate possession teams.
The nationwide business actual property agency was tapped to deal with leasing assignments at 550 W. Adams, 400 S. Jefferson and 315 N. Racine. Two of the buildings are within the West Loop and one is within the Fulton Market neighborhood. They’re all positioned close to Interstates 90, 94 and 290 and have easy accessibility to Chicago’s CTA “L” line.
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Patrick Russo, Stream Chicago government managing director & associate, mentioned in a ready assertion there’s a flight to high quality development within the workplace market and ready-to-go or built-out area continues to be leasing in Chicago. He mentioned all three of the belongings both have ready-to-go area or the house owners are planning to take a position capital to construct speculative suites sooner or later.
The Stream Chicago leasing staff additionally consists of Managing Director Mark Bâby, Associates Brittany Hughes and Katie Hull. Bâby, Hughes and Hull are the leasing brokers for 550 W. Adams. Russo and Bâby are dealing with leasing efforts at 400 S. Jefferson and Hughes and Hull are the leasing brokers for 315 N. Racine.
550 W. Adams
The 18-story tower within the West Loop submarket is owned by Australian international monetary companies group Macquarie and has 469,729 sq. ft of Class A workplace area and seven,760 sq. ft of retail area. In-built 2006, the tower was renovated in 2021. Macquarie acquired the property in February 2015. A gross sales worth was not accessible however the proprietor secured a $92.5 million mortgage in February 2022, in line with CommercialEdge information.
Facilities embody Quincy’s tenant lounge and bar, a health heart, conferencing facility and bicycle storage. The constructing is Power Star labeled and LEED Gold licensed and encompasses a inexperienced roofing system with rainwater administration that helps management prices. There may be on-site parking, and the constructing has easy accessibility to Union Station.
550 W. Adams is presently 87 p.c leased and presents workplace area from 2,465 sq. ft to 27,560 sq. ft. Tenants embody USG, Optimum Design, Class Computing, QST Industries, Lewis Brisbois legislation agency, Chase and Inteliquent and Dylan’s Tavern & Grill, CommercialEdge reported.
400 S. Jefferson
400 S. Jefferson. Picture courtesy of Stream Realty Companions
Positioned within the West Loop, the eight-story, 247,000-square-foot workplace constructing is managed by The RMR Group, an alternate asset administration agency with a nationwide portfolio. The property has a multi-story city corridor and occasion area, outside roof deck and tenant lounge, 60 inside and 18 exterior parking area and a motorcycle room.
In-built 2013, 400 S. Jefferson was acquired in January 2015 by Cole Chicago LLC for $90.5 million, in line with CommercialEdge information. The LEED Gold-certified constructing presently has one tenant listed, Tyson, CommercialEdge reported.
315 N. Racine
The 92,200-square-foot, five-story brick-and-timber property was inbuilt 1912 and redeveloped in 2013. Aberdeen Growth of Chicago owns the constructing close to Fulton Market Road. The acquisition worth and date weren’t disclosed however the proprietor obtained an $18 million,10-year mortgage in February 2020, in line with CommercialEdge. The historic property has 13-foot ceilings, a foyer and on-site reception space. Tenants embody CH Robinson and TMC, CommercialEdge reviews.
Stream assignments
Headquartered in Dallas, Stream has an built-in platform of companies together with leasing, property administration and tenant and landlord illustration. The corporate has 15 workplaces in core markets throughout the nation.
In late Might, Fortis Property Group revealed plans for a multimillion-dollar renovation of the 55-story, Class A Chase Tower in downtown Dallas that will likely be rebranded because the Dallas Arts Tower. Fortis selected the brand new identify in collaboration with Stream, which is the leasing dealer for the 1.3 million-square-foot workplace tower.
In November, David Z. Mafrige Pursuits appointed Stream to supply leasing companies for World Houston Place, a 216,889-square-foot Class A workplace constructing in Houston.
