CHICAGO—As reported in GlobeSt.com, GlenStar Properties has been remaking the landmark Chicago Board of Trade Building by diversifying its tenant roster beyond the trading firms that occupy much of the space. And the Chicago-based firm has just signed AMLI Residential to a new, 30,219-square-foot long-term lease. The multifamily company will occupy the entire third floor.
"We are thrilled AMLI has chosen the CBOT Building,” says GlenStar managing director Christian Domin. “It further validates the successful repositioning of the property and its reputation as the place to office in Chicago today.”
Mark Cassata and Cal Wessman of CBRE represented AMLI in the transaction. Domin and Sandy Macaluso handle leasing for the CBOT Building.
GlenStar has also put in a lot of work to renew the leases of the many trading firms, many of which have been there decades. Domin told GlobeSt.com that the two-track effort should help boost occupancy in the 1.3-million-square-foot building at 141 W. Jackson Blvd. to 85% by the end of this year. When GlenStar bought the CBOT back in 2012, the occupancy had sunk to just 61%.
The company completed a $25 million, two-year redevelopment last May. It installed up-to-date fiber optic technology, including a new $1.2 million “meet-me-room” and a fiber backbone riser system. Other improvements include a new 10,000-square-foot, 24/7 fitness center; a 24/7 video conference center; a refurbished lobby; new ceilings, lighting and bathrooms on 40 floors; a refreshed 12th floor atrium and a new array of retail outlets.
AMLI specializes in the development, acquisition and management of luxury apartment communities across the US. The CBOT Building will serve as the hub for the firm's Midwest operations. AMLI has been quite active in the Chicago area. In late 2013, for example, GlobeSt.com reported that AMLI had received approval from the Village of Deerfield to build AMLI Deerfield, a luxury community of 240 units that it expects to complete in 2015.
“Given the space's location right above LaSalle St., AMLI's office will enjoy both world-class identity and one of the most unique and exciting views in downtown Chicago,” adds 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.
