CHICAGO—GlenStar Properties, LLC and the USAA Real Estate Co. have just completed the new retail lineup for the Chicago Board of Trade building at 141 W. Jackson Blvd., the next step in fulfilling their plan to broaden its appeal. The partners bought the property for $151 million in 2012 when it was only 61% occupied, primarily by trading firms that had been there for decades. As reported in GlobeSt.com, since then GlenStar and USAA have preserved that tenant base by renewing more than 100 leases, and have also finished $25 million in capital improvements.

In addition, they have brought in a host of new tenants that include software, engineering, public relations, investment and data center firms. And Christian Domin, GlenStar's managing director, now tells GlobeSt.com that the new and refurbished retail makes the 84-year-old landmark building even more competitive with the CBD's top office properties.

"In some ways, it's easy for new owners to add amenities like fitness centers and a new lobby; we can just write checks,” Domin says. The new retail team, however, was “charged with something really different. They had to find the right people and make sure they shared our vision of what the building could be.”

But perhaps the most important change came about due to an agreement reached with the Bournakis family, the owners of the Ceres Café, the first-floor restaurant that has “been operating in the building essentially forever,” Domin says. “They saw the vision we had, wanted to be a part of it, and agreed to a 14-year extension.”

The new deal included a renovation of Ceres that went beyond basic cosmetic changes such as new ceilings, floors and furnishings. It was discovered that a set of old windows behind the bar had been painted black decades ago and blocked by drywall. Today, however, the new windows allow patrons to view the outdoor plaza and light to flood inside. “It used to be pretty dark in there,” Domin says. “We did not know that potential was there when we started, but now the space really sings.”

“And the new economy tenants that we're trying to attract to the building also want restaurants that use all-natural and locally-sourced food,” he adds. They found that the Bournakis family, who also run the downstairs Cellars Market, was enthusiastic about that as well. In fact, “these guys have been doing that even before it was popular.” When Domin and others first toured the restaurant's kitchens, “there were 100 whole fresh chickens down there that were locally-sourced. I was told, 'we've been doing it this way since the beginning of time.'”

“We also wanted to diversify our food and beverage options,” Domin says. The Mezza Grill, a 2,184-square-foot restaurant that provides Mediterranean fare, opened last week. And the King Cafe, a gourmet patisserie of 631-square-feet, will open in the late winter or early spring. Both outlets fit Domin's vision for the property because, like Ceres and Cellars Market, they are locally-owned and not part of a national chain.

And by next summer, TR Napa Valley, a social wine club, will also its doors in the CBOT. The buildout for this outlet, which will include a small retail space and a tasting room, has been a bit more complicated, largely because the tasting room will be housed downstairs in the building's historic vault. The roughly 4,500-square-foot space was once used to store cash, precious metals and gems, but will now provide a tenant amenity more suited to modern needs.

“I really believe that we have found the right mix of people to make this work,” says Domin.

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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.