CHICAGO—Taking on one of the city's iconic properties, such as the John Hancock Center, can bring a bit more scrutiny to a property manager, but officials from U.S. Equities Asset Management, LLC, which was just chosen by Amtrak to manage the West Loop's Union Station, say they can handle that pressure.
“We actually embrace all the challenges of working on iconic properties,” says Katherine Scott, the firm's executive vice president and managing director. U.S. Equities just assumed management duties at the Ford City Mall, for example, managed the Willis Tower through a turnaround, and, back in the 1990s, also handled the Hancock building.
U.S. Equities was selected following a competitive bidding process and secured a deal lasting about five years, Scott adds. They will take over the train station, which includes numerous retail and restaurant outlets, on August 1, and would like to modernize maintenance procedures, refurbish the waiting areas for train passengers and areas used by retail customers. The full scope of their activities, however, has not been decided. Amtrak has to carefully consider its budgets over the next few years before deciding how much funding they can commit toward any refurbishment of the 88-year-old station.
“All the work we do is at the behest of the owner,” Scott says. But Amtrak does want to make a significant change that will help the property keep up with its changing environment. Like many downtown neighborhoods, the surrounding streets have filled with condos, new apartments and thousands of residents. And Amtrak would like U.S Equities to help them host more special events in the station's cavernous spaces and “make it more of a neighborhood hub.”
Other changes likely to occur over the next five years include additional routes going through Union Station and an increase in ridership. Currently, about 130,000 passengers go through the station per day. But Scott says U.S. Equities has a great deal of experience managing train stations, including major hubs in Pennsylvania and a stint at Union Station in the 1990's, and will make the necessary changes if ridership and foot traffic increases. “It's important for the station to sparkle and shine and that's our goal.”
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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.
