CHICAGO—Dayton Street Partners is at it again. Principal Howard Wedren says the Chicago-based commercial real estate investment and development firm is ready to launch the redevelopment of another Chicago property – this time it's a 40,000 square foot timber and masonry loft located at 2137 West Walnut St. The company has recently begun a number of Chicago projects outside the downtown area that will result in a host of modern office or distribution spaces.
“Our redevelopment of 2137 Walnut will attract tenants looking for creative space, similar to that of the West Loop and River North at a rent that is significantly less,” Wedren tells GlobeSt.com. “As the city's business district expanded west in recent years, a majority of similarly built buildings were converted to residential or commercial use leaving tremendous demand for loft office space and very little product to satisfy that demand.”
Dayton Street will transform the two-story building, built in 1925 and formerly home to Kehoe Designs, into creative office space. Construction will begin immediately and include new exterior windows, interior sandblasting, new steel staircases, new electrical service and lighting and an ADA compliant elevator. According to Cook County property records, the developer picked up the building for $1.925 million.
When Dayton Street finishes the building later this fall, it will have one of the few properties in the submarket offering blocks of space 15,000 square feet or larger. “We're confident the property will attract a variety of users,” Wedren adds. “The building lends itself well to tech companies and companies looking to build a collaborative, creative work environment.”
The arrival of Google about one mile to the east has sparked users' interest there and in surrounding neighborhoods like this, which also provides direct access to the Loop and proximity to I-290.
Dayton Street recently completed the redevelopment of 2101 W. Carroll St., a 40,000 square foot loft office project in the same area. And last week, as reported in GlobeSt.com, the company announced plans for a new warehouse/distribution facility on a 1.61-acre vacant parcel located at 4150 N. Knox on the city's north side. Other industrial projects recently completed include a 50,000 square foot distribution cold storage building located at 920 W. Pershing Rd. and a 105,000 square foot, multi-tenant LEED Silver distribution center located on seven acres at 815 W. Pershing Rd. Furthermore, the firm is set to break ground in October on a 55,000 square foot speculative distribution building in the city's Stockyards Industrial Park.
Paine/Wetzel TCN Worldwide's Terry Lynch, vice president, and Jeff Girling, managing vice president of the firm, along with NAI Hiffman's Brad Weiner, represented the seller. And Dayton Street has retained both Paine/Wetzel and NAI Hiffman to market 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.
