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River North Office Redevelopment Leasing Up Quickly

CHICAGO, IL – Jeffrey Bernstein, Principal and Co-President at Bradford Allen is pleased to announce that 363 W. Erie Street in Chicago, Illinois has recently completed five new leases, bringing the office occupancy to approximately 50% within 90 days of the commencement of a major renovation to the building.

363 W. Erie Street is an 115,000 RSF loft office property. Located in the heart of River North, the property is within walking distance to the downtown area, the Merchandise Mart, public transportation, as well as several shops and restaurants. The property offers large floor plates up to 17,000 RSF, not commonly found in River North properties. There are two large contiguous blocks of space remaining in the building; one 23,446 RSF and the other 22,276 RSF.

The five new leases totaling 41,600 RSF, were all completed by Steve Fitzgerald, Managing Director of Bradford Allen and the exclusive agent for the building. The transactions completed at 363 W Erie include Worldwide Express leasing 12,951 RSF, represented by Chris O’Leary and Jeff Lindenmeyer with Avison Young; HighGround, Inc. leasing 10,500 RSF, represented by Ari Klein and James Stein with Cushman and Wakefield;  Medical Dermatology Associates of Chicago leasing 6,471 RSF, represented by Larry Cohen with @properties Commercial; NinjaTrader Group leasing 6,471 RSF, represented by Trevor Marticke with Cushman & Wakefield and InquanaMed leasing 5,200 RSF, represented by Victor Sanmiguel and Nicole Weldon with Cushman & Wakefield.

“We are pleased to announce these deals on behalf of Brijus Capital, LLC,” said Bernstein. “Our recent success in leasing the property stems from the major improvements being made by ownership, the building’s advantageous location as well as our continued dedication to tenant satisfaction.”

“The developer, Brijus Capital, LLC, saw the potential in 363 W. Erie and has made significant improvements to enhance the property,” said Fitzgerald. “We were then able to use our position in the market to quickly lease the newly renovated property to 50%, and with our aggressive marketing efforts, we are confident that we will continue to bring quality, long-term tenants to our client.”

The building was substantially vacant prior to the commencement of the renovations. The restorations include a new glass entrance, new lobby, a tenant lounge, bike room, and new high-speed elevators.  The building also has 12,000 square feet of newly created retail space that was formerly warehouse space.  The retail space is being marketed by RKF Group Illinois LLC.

 

About Bradford Allen Realty Services

Bradford Allen Realty Services, a Chicago-based commercial real estate firm, offers a full range of services and expertise to entrepreneurial and corporate business entities as well as not-for-profit organizations. The firm provides real estate strategy, advice, marketing, and transaction execution for occupiers, investors and owners of real estate.