CHICAGO- Bradford Allen announced last week that the firm has been hired as the exclusive leasing agent and property manager for 357-363 W. Erie in Chicago's River North area. Even though it sits in the heart of River North, one the hottest downtown submarkets, the building has not seen much success in recent years. In June 2009, Oregon-based Aspen Capital Funding purchased a non-performing loan on the building through a joint venture, and noted at the time that the property owner had declared bankruptcy.
The new owner, Brijus Capital, purchased the building earlier this month and plans extensive improvements to the 115,000-square-foot property.
Bradford Allen and Brijus have worked together before on a River North project. Since 2007, Bradford has handled leasing for the now fully-leased Kinzie Design Center, a Brijus property at at 220-230 W. Kinzie. Bradford Allen Managing Director Andrew DeMoss and Director Steve Fitzgerald will market the available Erie space.
“In a submarket with 9.1 percent vacancy, the supply of available loft space is in high demand,” says Jeffrey Bernstein, principal and co-founder of Bradford Allen. “The extensive changes to the building's infrastructure, image and functionality that Brijus has planned will certainly make this a much sought after opportunity.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
