CHICAGO—Sumitomo Corporation of Americas has executed the acquisition of two floors of retail space at 203 N. LaSalle St. in Chicago, a class A office tower in the Chicago's Central Loop District. SCOA purchased the office space, on floors 13 through 27, in the building in April 2014. This new acquisition now aligns the building's office and retail space under one ownership and is the first step in positioning the building for redevelopment and attracting new tenants.
"This building has parking and access to six train lines which are enormous assets and have traditionally made it a part of the daily route for commuters," said Tomonori Wada, general manager, SCOA. "By renovating the retail, adding amenities, and lightening up the space with the help of talented architects, we will make the space even more of an attractive, comfortable and pleasant place to work. We want to make it a destination, and create a place where people want to linger."

The redevelopment plan will combine the aesthetics of the office and retail space into a cohesive space. This spring, SCOA will start renovations to the lobby entrance, retail and amenities which will include over 8,000 square feet for the fitness center, a 1,000 square foot tenant lounge, and a new 3,500 square foot conference facility where tenants can hold conferences and events.
"When we first purchased the building, we recognized an opportunity to create value by diversifying the tenancy base in the planned lease-up," said Robert Obringer, vice president, SCOA. "This added retail component brings all the pieces together and gives us a tremendous opportunity to distinguish the building in the marketplace."
The 203 N. LaSalle office tower was originally designed by architectural firm Skidmore, Owings & Merrill, and includes a spectacular 12-story interior atrium that creates a pleasant environment with natural sunlight. Its proximity to River North makes this one of downtown Chicago's premier buildings, due to its central location and an array of features and amenities that appeal to today's tenants. Locational factors include direct access to the Clark and Lake Chicago Transit Authority (CTA) station and the Loop-spanning underground pedestrian walkway. The building also has 24-hour on-site security, an emergency generator, advanced life-safety systems and indoor access to the 1,200-stall parking garage. The property also achieved LEED Gold certification and an Energy Star label signifying the building's superior energy efficiency.
SCOA has over 30 years of real estate investment and development experience in both residential and commercial properties in the U.S. In addition to Chicago, SCOA also owns office buildings in downtown San Diego and Washington D.C. Sumitomo has acquired and sold commercial buildings in cities including New York, Honolulu, Los Angeles, Miami, San Francisco, Phoenix and Tempe. In addition to office properties, SCOA invests in master- planned communities and multi-family apartments.