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New Luxury Boutique Nobu Hotel and Restaurant Chicago to Open in 2016

24 Mar 2014, 5:22 am

By Gabriel Circiog, Associate Editor

Nobu Hospitality LLC recently announced plans for a new development in the West Loop of Chicago. The new luxury boutique Nobu Hotel and Restaurant Chicago will be located on the corner of Randolph and Peoria Streets and is scheduled to open early 2016.

“Chicago’s tourism industry continues to see record growth because renowned venues like Nobu are investing in expanding options for Chicagoans and tourists,” says Mayor Rahm Emanuel “This hotel and restaurant builds on the city’s great hospitality and culinary offerings to further cement Chicago’s role as a world-class city.”

The development is inspired by the world-renowned Japanese Chef Nobu and championed by Academy award-winning actor Robert De Niro and Hollywood producer Meir Teper. Nobu Hotel will feature 155 luxury rooms, the Nobu Restaurant, an indoor and outdoor bar, a rooftop lounge and venue and exclusive guest room retreats. The designer of the project is Shaw Sullivan, partner and studio leader at the Rockwell Group, a company that has designed numerous Nobu projects on a global scale over the past twenty years.

“The City of Chicago is an extremely important destination for Nobu Hospitality and our shareholders Chef Nobu, Robert De Niro and Meir Teper. As one of the key global cities of the world, Chicago is already a magnet for business and leisure travellers offering unique venues for dining, entertainment and enjoyment, and we look forward to embracing the values, the traditions and desires of the people of Chicago,” says Trevor Horwell, chief executive of Nobu Hospitality. “We also look forward to be working with the City of Chicago to deliver a unique and special destination for Chicago which reflects our overall growth strategy of expanding with other properties to 24-hour gateway cities, both in the U.S. and internationally.”

Logo Courtesy of: www.nobuhotels.com



The University of Chicago Lists Harper Court Complex for Sale with CBRE Group

24 Mar 2014, 5:13 am

By Gabriel Circiog, Associate Editor

The University of Chicago recently announced that it has listed the 12-story Harper Court complex for sale with commercial real estate firm CBRE Group.

Over the past years, the university has undertaken a project in partnership with the City of Chicago which aims to help revitalize the 53rd Street corridor in Hyde Park. As part of this project, after a multi-year redevelopment project, Harper Court opened in 2013 with a new design which aimed to bring new amenities to Hyde Park and create economic opportunities for the surrounding area.

The concept of Harper Court grew out of community visioning workshops which took place in 2008. The University of Chicago and the City of Chicago contributed land and other resources to redevelop a former shopping center. In order to attract developers to bid on the project, the university committed to a 20-year lease of the office tower.

Up to now, the university has invested over $30 million in Harper Court and provided a $21.5 million loan guarantee for the construction of the new Hyatt Place hotel, adjacent to the office tower.

The university initially announced its plans to sell the property in November, shortly after purchasing it from the developer, CJUF III Harper Court LLC, for $98 million. UChicago, after finding a buyer, intends to lease back all of the office and retail space.

Harper Court features 224,000 square feet of office, retail and parking space. The university intends, as part of a purchase deal, to sign a 20-year master lease for the office and retail portion and plans to continue to work with its leasing agent in order to identify retail tenants for the remaining spaces in the building.

Associate Vice President for Commercial Real Estate Operations for the University of Chicago, James Hennessy, in a statement says: “This project is the result of many years of planning and input from members of the community about the kinds of retail they wanted to see in the neighborhood, and we are looking for a new owner that will be committed to Harper Court for the long-term.”

The university, as owner of the project, is currently paying property taxes which contribute to the 53rd Street TIF district and will continue to contribute to tax revenues as anchor tenant after the building is sold.

“From the beginning, Harper Court helped boost interest from prospective tenants and is now providing increased foot traffic to support the surrounding businesses,” Hennessy says. “We’re confident that it will be a good investment for the right buyer and continue to be an important center for the community.”

Photo Courtesy of: Harper Court via Facebook (www.facebook.com/HarperCourt).



Forsythe Technology to Build 221K SF “Retail Plus” Data Center Colocation Facility in Elk Grove Village

7 Mar 2014, 1:17 am

By Gabriel Circiog, Associate Editor

IT infrastructure Forsythe Technology recently announced it plans to design and build a state-of-the-art data center facility in Elk Grove Village, Illinois. The new 221,000-square-foot data center aims to address the needs of enterprises that are seeking for the best of both the retail and wholesale colocation data center markets. The development will feature higher-density, private data center suites with dedicated power and cooling infrastructure, customizable physical security and operational efficiency options. The facility is being designed to comply with U.S. Green Building Council LEED certification standards for data centers and to obtain Tier III certification from the Uptime Institute.

The company also announced that upon completion of the new facility, it will be moving its independent, multi-vendor Technology Evaluation Center, its Executive Briefing Center and its Integration and Configuration Center from its Skokie, Illinois corporate headquarters.

“After many years of listening to the needs of our clients and helping them build data centers and find colocation data center space, we made sure this data center facility has everything they have been asking us for,” says Steve Harris, Forsythe vice president of data center development.

The new Elk Grove Village facility will feature amenities such as client workspaces, conference rooms and will offer its tenants the possibility to rapidly expand their private data center suite through its modular suite design. Thanks to its denser environment, tenants will be able to optimize their IT configurations and reduce their facility footprint and associated operational costs.

A new subsidiary, called Forsythe Data Centers Inc., will manage the center and will be led by Albert Weiss and Steve Harris.

“Forsythe’s facility offers the flexibility and agility of the retail data center market, in terms of size and shorter contract length, with the privacy, control and density of large-scale, wholesale data centers,” says Albert Weiss, president of Forsythe Data Centers Inc.

The facility is being designed, engineered, powered and constructed with the help of Environmental Systems Design Inc., Turner Construction, Duke Realty, Emerson Network Power, ComEd and Anixter.

Photo Courtesy of: www.forsythe.com



BYTEGRID Holdings LLC Acquires 70,000 SF Data Center in Aurora

24 Jan 2014, 8:44 pm

By Gabriel Circiog, Associate Editor

BYTEGRID Holdings LLC recently announced the acquisition of a 70,000-square-foot, Tier III data center in Aurora, Ill.

Located on 5.25 acres of land about 30 miles west of downtown Chicago, the data center was acquired from Continental Casualty Company, an affiliate of Chicago-based commercial insurance writer CNA Financial Corporation. CNA will continue to occupy approximately 30 percent of the facility and will remain the primary tenant under a newly created long-term lease agreement.

Built in 2007 by CNA, the facility features 34,000 square feet of raised floor and BYTEGRID announced that it plans to immediately convert it into a multi-tenant data center. The data center company intends to begin leasing approximately 25,000 square feet of enterprise-class, Tier III data center space featuring 6 megawatts of power capacity available to serve enterprise, government and service providers that are looking for premier multi-tenant data center space in suburban Chicago.

“We are extremely pleased that CNA selected us to not only be their partner, but also to participate in helping them solve some of their key business challenges,” says Kenneth Parent, BYTEGRID’s CEO. “Our blueprint for converting single tenant data centers to multi-tenant data centers is proven as a complimentary strategy for large organizations seeking to optimize IT performance and operating costs in a way that is completely transparent.”

Talking about the local market Parent added: “The Chicago market continues to show strong demand and represents a natural next step in our national expansion strategy. The Aurora facility is world-class and well suited for large organizations with the demanding requirements for security and reliability. We are committed to the market and will continue to evaluate additional expansion opportunities here.”

Following this acquisition, BYTEGRID now operates five data centers in four geographically diverse markets totaling over 705,000 square feet of superior multi-tenant data center space.

Photo Courtesy of: www.bytegrid.com



Server Farm Realty LLC Adds Second Data Center in Chicago to Portfolio

13 Jan 2014, 7:58 pm

By Gabriel Circiog, Associate Editor

Server Farm Realty LLC has expanded its presence in the Chicagoland market with the acquisition of a data center facility. The Los Angeles-based company has acquired the data center facility located at 800 and 810 Jorie Boulevard in Oak Brook, Ill. for $16,250,000. The Oak Brook facility becomes the company’s second Chicagoland data center project after it revealed its 450,000-square-foot data center at 840 South Canal Street in Chicago in June last year.

Previously known as the Oak Brook Technology Center, the property is located on 13.49 acres of land and features two mid-rise office buildings with a total of 193,688 square feet of rentable space. The facility features expansive floor plates of contiguous, open space, optimal power capability, cutting-edge fiber cabling and direct access to numerous communications and network providers. The Oak Brook facility is designed to support tenants that are looking for first-class data center, colocation, call center, disaster recovery and Network Operations Center space.

Currently 66 percent leased, the facility accommodates numerous leading fiber optic carriers and communications providers and is also home to the headquarters of several global leaders such as McDonald’s and Ace Hardware.

“In addition to being one of the best connected facilities in the Chicago market thanks to its expansive ecosystem of existing technology tenants, the Oak Brook data center features close proximity to robust underground telecoms fiber, as well as optimal power and electrical service,” says Avner Papouchado, president of Server Farm Realty. “Backed by SFR’s deep technical capabilities, the region’s dense fiber optic network, and solid infrastructure, the facility provides tenants with the expertise, connectivity and framework necessary to succeed in today’s saturated technology market.”

The SFR Oak Brook facility sale was brokered by Transwestern Managing Directors Gary Nussbaum and Thomas Gorman, as well as Senior Associate David Matheis.

“Oak Brook Technology Center drew very strong interest from data center investors,” says Nussbaum. “The property offers access to an enormous quantity of fiber, communications providers and electrical service which meet the demands of a first class data center facility.”

Photo Courtesy of: Transwestern.



John Hancock Acquires Iconic 200 South Wacker Tower

28 Dec 2013, 12:05 am

By Gabriel Circiog, Associate Editor

After KBS REIT III acquired the 1.5 million-square-foot tower located at 500 West Madison Street in downtown Chicago earlier this month, another skyscraper has changed owners in Chicago. The 40-story 200 South Wacker has been acquired by John Hancock for $214.5 million. The property was marketed by HFF on behalf of the seller, a joint venture composed of Equity Group Investments, Pearlmark Real Estate Partners and TIER REIT. The HFF team representing the seller was led by senior managing directors Jaime Fink and Jeff Bramson and managing director Mark Katz.

The iconic tower was designed by architect Harry Weese & Associates and built in 1981. Situated in Chicago’s West Loop, the 754,750-square-foot office building is close to numerous public transit options at the Union, Ogilvie and Rock Island commuter rail stations. The EGI/Pearlmark/TIER REIT joint venture had purchased the building in June 2011 and invested approximately $10 million in a capital improvement program. With the help of leasing agent J.F. McKinney & Associates, the team brought the property from 63 percent occupancy to 96 percent. Apart from the recent capital improvements, amenities at the tower include the tenant-only Club 200 Fitness Center, conference facilities, a heated executive parking garage and a news and sundries shop.

John Hancock, the U.S. division of Manulife Financial Corporation, announced the purchase of 200 South Wacker together with the purchase of another two high-profile buildings 100 William Street in New York City and Wellesley Office Park in Greater Metropolitan Boston.

“These properties represent the type of high quality assets we acquire in key markets as a priority for our strategic plan. The strong tenant rosters and superb locations make these excellent additions to our investment portfolio,” says Ted Willcocks, global head of asset management for Manulife Real Estate.

Photo Credits: Mike Oropeza via Wikimedia Commons.



KBS REIT III Acquires 500 West Madison and Names Transwestern Exclusive Leasing & Management Agent

20 Dec 2013, 10:10 pm

By Gabriel Circiog, Associate Editor

Transwestern recently announced it has been named the exclusive leasing agent and property manager for Citigroup Center. Located at 500 West Madison Street in downtown Chicago, the 1.5 million-square-foot Class A mixed-use tower was purchased by KBS Real Estate Investment Trust III for about $425 million plus closing costs.

Newport Beach, Calif.-based KBS REIT III, a public non-traded real estate investment trust has chosen Transwestern to lease and manage the 40-story skyscraper. Situated in Chicago’s West Loop, the property is currently 93 percent leased. KBS REIT III has a vast portfolio under management which currently features 135 million square feet. The company also owns another trophy-class office tower in the Chicago central business district: 300 North LaSalle, a 1.3 million-square-foot office tower.

“500 West Madison is another recent, prominent acquisition KBS REIT III has made in the office arena,” says Ken Robertson, KBS Central Regional President. “We feel the West Loop has become the epicenter of new development, adaptive re-use and urban renewal in Chicago’s CBD, and we believe this is an iconic asset that is literally connected to the transit grid of the entire region.”

Situated atop the Ogilvie Transportation Center, 500 West Madison is ideal for commuters. The LEED Gold certified building is home to important office tenants such as Citigroup Inc. and W.W. Grainger and is the headquarters for Orbitz Worldwide Inc.

Designed by Helmut Jahn and constructed in 1987, the building features 64,000 square feet of retail on the first two floors, including over 45 stores and restaurants. Office floor sizes range from 31,000 to 47,000 square feet.

“We are honored to have been chosen by KBS as the leasing and management agent for 500 West Madison,” says Michael Lirtzman, executive vice president of Transwestern. “This building’s appeal to office users will only be enhanced by the strategic improvements KBS intends to implement as it takes ownership and makes a great building even better. Chicago’s West Loop is a sought-after location, and we are thrilled to have the opportunity to offer tenants a home in this iconic building.”

The exclusive leasing agents for the property will be the Transwestern leasing team of Lirtzman and Courtney Baratz.

Photo Courtesy of: Jarred Trost via Wikimedia Commons.



Liberty Property Trust Renews Leases with Five Tenants in Recently Acquired Industrial Buildings

13 Dec 2013, 9:03 pm

By Gabriel Circiog, Associate Editor

Liberty Property Trust recently announced it has renewed leases with five tenants, totaling 277,495 square feet of industrial space.

All the tenants are located in buildings acquired when Liberty purchased a major industrial portfolio earlier this fall. As previously reported by Commercial Property Executive, Liberty Property Trust entered into a definitive agreement to acquire the operating partnership of Cabot Industrial Value Fund III in August.

“When we completed the purchase of Cabot Industrial Value Fund III in October, 3.2 million of the 23 million-square-foot portfolio was located in the greater Chicago market,” says Don Schoenheider, vice president and city manager for Liberty’s Illinois region. “This provided us with a terrific opportunity to expand our footprint. It’s been an exciting couple of months as we have gotten to know our newest tenants. Their renewals are very encouraging and we look forward to working with each for many years to come.”

Out of the five agreements the largest was with MSC Industrial Direct for 181,635 square feet in Hanover Park. The property is located close to the other two buildings Liberty purchased last month in DuPage County, 135-195 East Elk Trail and 515 Kehoe Boulevard.

“Part of our strategy has been to reach greater depth in DuPage County, as it is an excellent logistics market,” Schoenheider says. “With recent acquisitions we now have more than a dozen buildings there that broaden our property mix; a fact we see as an extremely important differentiator heading into 2014.”

The other four new leases renewed this month by Liberty include agreements with EZ Mailing Services Inc. in Bensenville; Tactical Lighting Systems in Addison; Tri-Fin LLC in Itasca, and Perfection Servo Hydraulics in Batavia.

Logo Courtesy of: www.libertyproperty.com



Zurich North America Reveals Team to Develop and Design New North American Headquarters in Schaumburg

5 Dec 2013, 12:06 am

By Gabriel Circiog, Associate Editor

Zurich North America recently announced it has entered into agreements with Clayco, Goettsch Partners and CannonDesign for the development and design of their North American headquarters in Schaumburg.

“We want our new, state-of-the-art campus in Schaumburg to be a source of pride for both the community and our employees,” says Mike Foley, CEO of Zurich North America Commercial. “We look forward to working with this elite team of designers, architects and builders who will help bring our vision to life.”

As previously reported by Commercial Property Executive, Zurich North America signed a letter of intent with Motorola Solutions in September to acquire 40 acres of land for its new world-class North American headquarters at Meacham Road and I-90. The company will relocate from its current offices on American Lane to the new headquarters by the fall of 2016.

The new 735,000-square-foot complex is designed to reinforce an image of reliability and success through its bold simplicity in form, and to underline its commitment to sustainability. The structure will be composed of three primary “bars” that are offset and stacked. The arrangement aims to open views of the surrounding landscape and optimize solar orientation for amenities while creating unique spaces that offer programmatic flexibility not found in typical office buildings. The top “bar” of the complex soars 11 stories and cantilevers toward downtown Chicago.

Clayco, as developer and design-builder will lead the development, design and construction of the complex. The headquarters’ core and shell, along with the parking facility, will be designed by Goettsch Partners. CannonDesign is designing the interior of the headquarters.

Zurich employs about 2,500 people in Schaumburg, and about 60,000 worldwide. It also has an office in downtown Chicago, which it intends to relocate within the Loop.

Zurich North America estimates the project will create up to 700 construction jobs.

Rendering Courtesy of: www.claycorp.com



Ivanhoé Cambridge Adds 1.4 MSF of Office Space to West Loop Portfolio

2 Dec 2013, 8:42 pm

By Gabriel Circiog, Associate Editor

Ivanhoé Cambridge recently announced that it has expanded its Chicago office portfolio by acquiring twin office buildings 10 and 120 South Riverside Plaza, in partnership with Callahan Capital Properties.

Located in the West Loop submarket of Chicago’s business district, the property adds 1.4 million square feet of office space to the company’s portfolio. The investment of more than $360 million in 100-percent ownership of the properties strengthens the company’s position in the West Loop.

“Chicago is one of the key U.S. cities we’ve set our sights on in order to build a solid national high-quality office building platform,” says Adam Adamakakis, executive vice president, U.S. investments, Ivanhoé Cambridge. “This successful transaction proves one more time how effective our partnership with Callahan Capital Properties can be in one of the most competitive real estate markets in the United States.”

Situated on the west bank of the Chicago River, a short distance away from the two busiest commuter rail hubs in the city’s business district, the 21-story 10 and 120 South Riverside Plaza towers have both received LEED Gold EB certification. The twin buildings occupy two full city blocks.

The new investment in Chicago comes 18 months after the real estate company announced the start of construction on the River Point Tower. Also located in the West Loop, River Point Tower is the largest property development project of the past five years in Chicago. The enthusiasm for the submarket was confirmed just days later when a major law firm was announced as an anchor-tenant, leasing over 225,000 square feet of space in the new tower.







One Response to Chicago Archive

  1. Joselyn Overley

    Sep. 26, 2011 at 12:58 pm

    I just think it’s too hard for small businesses to try to purchase a property, renting or leasing is their only real option

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