The nonprofit Erickson Institute, a graduate school for child development professionals, will anchor the 10-story 111 W. Illinois St. in the River North neighborhood. The school has agreed to buy three floors, about 75,000 sf, as an office condominium. No other leases have been signed at the property. "Up until, now it has really been getting this Erickson deal done and getting the building off and running," Alter Group president Michael Alter says. "In the next 30 to 60 days, we will be focusing more on trying to get it leased up."
The majority of the rest of the building could be filled possibly by a hotel with retail, such as a restaurant, on the ground floor. "The hotel is a good use for the building. It is not the only use. It could be office or hotel," says Matthew Ward, senior vice president for the Alter Group. "We are talking to several hotels right now but we do not have anything signed up."
The average lease rate will "probably be in the low to mid $20s" per sf, Ward tells GlobeSt.com
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