Developer Starts Loft Project in Central Loop
A product generally available in River North and Fulton Market will soon open in the heart of downtown.
CHICAGO—Developer Moceri+Roszak, LLC believes the time is right to bring new class A modern loft offices to the Central Loop. JLL’s Capital Markets experts recently arranged financing for the 20-story, 206,055-square-foot building, now under construction at 145 S. Wells, a site which was the site of a parking lot. Bentall Kennedy’s US Core Fund provided the financing.
In the past few years, office developers have concentrated their efforts on building a set of gleaming towers in the West Loop. But these loft spaces will appeal to a different group of tenants.
“They are looking for full floor users with a minimum requirement of 11,500 rentable square feet,” a JLL spokesperson tells GlobeSt.com. The spaces should attract all types of users, including legal, financial and tech, but especially those that “feel like this type of product is only available in Fulton Market or River North. The building offers floorplates that are extremely efficient for both a private office layout and an open plan and it’s a great opportunity to be in a boutique concrete loft building right in the heart of the Loop that also offers the close proximity to the Metra trains and CTA lines.”
JLL’s David Hendrickson and Keith Largay, both managing directors, along with Chuck Johanns, executive vice president, Patrik Modig, and vice president arranged the financing on behalf of the borrower.
“145 South Wells is backed by a superior design and development team with a solid track record of delivering compelling, creative projects in downtown Chicago,” says Hendrickson. “That, and a clear vision for the project along with an excellent location, resonated with Bentall Kennedy.”
JLL officials also say that Nikki Kern, managing director, and Mason Taylor, vice president, will handle leasing for the building.
145 South Wells will also have 3,840 square feet of ground floor retail and a 24-stall executive parking garage. Amenities will include a fitness center, golf simulator, yoga/spin studios, an outdoor gathering space, social room, coffee and cocktail bars, conference rooms, an eco-garden and bike storage and lockers.
It will sit just a few blocks from Union Station and the Ogilvie Transportation Center, one of the city’s busiest commuter hubs, and is within a block of four CTA lines.