CHICAGO—Chicago has become a hub for high-tech firms, and one of the factors in that transformation has been the establishment of incubator spaces like 1871 that bring digital start-ups together, provide affordable space and low-cost business services. The proliferation of new digital firms, some of whom have graduated into class A spaces, has bolstered confidence in the CBD's office market, but DTZ believes 1871 can help provide even more direct benefits to the industry.
Officials from the global property services firm headquartered in Chicago say that they have partnered with 1871 to sponsor the Real Estate Technology Incubator in a new 25,000-square-foot expansion of the nonprofit's space in the Merchandise Mart. 1871 has already started efforts in the food technology space, as well as fostering opportunities for women and veterans in technology.
DTZ executive vice president Steve Schneider and senior vice president June Simonian led the firm's discussions with venture capitalist Howard A. Tullman, chief executive officer of 1871. As a sponsor, DTZ will work with 1871 to create emerging cutting-edge technology for the real estate world.
Two years into its existence, 1871 start-ups have created more than 1,000 new jobs, raised more than $40 million in investment capital, and more than 35 of its firms have already graduated and moved into other commercial spaces, the nonprofit's officials say.
“The partnership will bring considerable value and benefit to DTZ clients, as well as contribute to Chicago's entrepreneurial business community,” says Adam Stanley, global chief information officer at DTZ. “Our clients have complex real estate challenges requiring predictive and prescriptive data analytics along with management solutions that meets their changing needs. These incubator firms are creating some fantastic solutions and we are excited that we can be a part of something truly innovative.”
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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.
