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Waterton Redevelops 135,000 SF in West Loop

CHICAGO-Recent leases at the Presidential Towers are the first step within a total redevelopment of the 50-story property's retail component.

By Cari Brokamp | Updated on August 17, 2009

CHICAGO-Fitness Formula Clubs has signed on for 52,000 square feet on two levels of the 50-story Presidential Towers apartment community. This lease, along with Yolk restaurant’s commitment to open its third Chicago location in 4,200 square feet, marks the first step in a total redevelopment of the property’s 135,000-square-foot retail component. Constructed at 555 W. Madison about two decades ago, the four-tower residential community encompasses two city blocks in Chicago’s West Loop and previously housed retail in internal shopping corridors for residents that were largely inaccessible to the public.

Building owner Waterton Residential brought in CB Richard Ellis to market the space and act as consultant on the recent renovation project, which focuses in part on increasing external accessibility. “When the building was built in the late 1980s, the West Loop was an area that wasn’t particularly desirable – not at all like it is today, when it’s where everyone wants to be and an extraordinary place to have your headquarters,” Bruce Kaplan, SVP with CBRE, tells GlobeSt.com. “We fastforward 20 years and the area is now remarkably desirable and very heavily trafficked.”

The Presidential Towers houses 2,346 apartments, and the neighborhood surrounding in an eight-minute walking radius sees a residential and daytime population of 136,000 people, Kaplan says. “Now we’re going to take advantage of the area’s residential and office population,” Kaplan says. “This is going to be a neighborhood development, serving the residents of Presidential Towers and the surrounding three or four blocks.”

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