The group's redevelopment plans include building-out the space to include open floor plans, exposed ductwork, concrete and brick features as well as the addition of modern amenities including a tenant lounge with rooftop deck, fitness center, conference center, locker rooms as well as bike parking facilities, all with the goal of keeping the character and respecting the history of the property.

But Adler also says that the company will consider other options for the building as they move forward with the plans for creative office space. “We're not married to an office building concept.” The neighborhood is also filling up with new residences built by companies like Related, for example, and Missner will also consider hospitality or student housing options. “We think all of these asset classes are possibilities for the building.”

Adler led the acquisition for the firm. Ari Klein, Larry Goldwasser and Colin Green of Cushman & Wakefield represented Oxxford in the transaction.

CHICAGO—The Missner Group has decided now is the perfect time to jump into the burgeoning West Loop office market. The Des Plaines, IL-based developer has just acquired 1220 W. Van Buren St., and plans to redevelop the seven-story, 115,000 square foot manufacturing building into a class A, loft office property. Its new acquisition is a bit to the south of the Fulton Market neighborhood's core, where Google and other high-profile firms recently settled, but demand and interest in the surrounding blocks has also been quite strong.

“We're typically not the pioneers in a new neighborhood, but we're also not the last guys to get in,” Missner's Ed Adler, senior vice president-development, acquisitions, tells GlobeSt.com. And for some time the company has been looking for a good building in the neighborhood that some now call Fulton Market South. “It's not an area where people can come in and pick up property for a steal; there is not a lot of inventory of this type left.” Still, the neighborhood also can't be called mature. “We think it has a long way to go.”

The seller, Oxxford Clothing, a 100-year-old manufacturer of men's clothing currently occupies the property. The firm has occupied 1220 W. Van Buren for 67 years, and at one time manufactured 35,000 suits per year out of the facility. After a short term lease-back, Oxxford will move to a new facility near Midway Airport.

“It's located about 300 steps from the train,” Adler adds, a top selling point for prospective office users. Furthermore, it offers full-frontage off the Eisenhower Expressway, and is minutes from University of Illinois Circle Campus and Rush University Hospital. And Oxxford's rich manufacturing history will also give any renovated office spaces the historic feel appreciated by many creative office users. Best of all, tenants will be able to secure spaces for $7 to $10 per square foot less than for offices just to the north, even though the product type and amenities will be similar.

The group's redevelopment plans include building-out the space to include open floor plans, exposed ductwork, concrete and brick features as well as the addition of modern amenities including a tenant lounge with rooftop deck, fitness center, conference center, locker rooms as well as bike parking facilities, all with the goal of keeping the character and respecting the history of the property.

But Adler also says that the company will consider other options for the building as they move forward with the plans for creative office space. “We're not married to an office building concept.” The neighborhood is also filling up with new residences built by companies like Related, for example, and Missner will also consider hospitality or student housing options. “We think all of these asset classes are possibilities for the building.”

Adler led the acquisition for the firm. Ari Klein, Larry Goldwasser and Colin Green of Cushman & Wakefield represented Oxxford in the transaction.