CHICAGO—Bradford Allen has just completed five new leases at 363 W. Erie St. in the River North neighborhood, bringing the office building to about 50% occupancy within 90 days of the commencement of a major renovation to the building.
“River North's vacancy rate of 6.6% speaks for itself,” Jeffrey Bernstein, principal and co-president at Bradford Allen, tells GlobeSt.com. “It's the highest in demand market in Chicago because of the loft-style buildings, the mix of tenants and the convenience to transportation and residential life.”
The loft office property has 115,000 rentable square feet and is within walking distance to the downtown area, the Merchandise Mart, public transportation, as well as several shops and restaurants. It features floor plates up to 17,000 square feet, larger than most River North properties. Two large contiguous blocks of space remain in the building; one with 23,446 square feet and the other with 22,276.
The five new leases total 41,600 square feet and were all completed by Steve Fitzgerald, managing director of Bradford Allen and the exclusive agent for the building. The transactions include Worldwide Express leasing 12,951 square feet, represented by Chris O'Leary and Jeff Lindenmeyer with Avison Young; HighGround, Inc. leasing 10,500 square feet, represented by Ari Klein and James Stein with Cushman & Wakefield; Medical Dermatology Associates of Chicago leasing 6,471 square feet, represented by Larry Cohen with @properties Commercial; NinjaTrader Group leasing 6,471 square feet, represented by Trevor Marticke with Cushman & Wakefield and InquanaMed leasing 5,200 square feet, represented by Victor Sanmiguel and Nicole Weldon, also with Cushman & Wakefield.
“The developer, Brijus Capital, LLC, saw the potential in 363 W. Erie and has made significant improvements to enhance the property,” says Fitzgerald. The building was mostly vacant prior to the renovations, which include a new glass entrance, new lobby, a tenant lounge, bike room, and new high-speed elevators. The developer also transformed an old warehouse space into a 12,000 square-foot retail area that RKF Group Illinois LLC has been hired to market.
The property was purchased in May 2013 for a little more than $8 million, according to Cook County records. And the new owner took out a mortgage for $12.8 million, recently amended to $14.8 million, to acquire and develop the property.
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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.
