Stream is awarded 620 N LaSalle and implements its coworking platform, Rapid Offices™
CHICAGO, IL – March 1, 2021 – Stream Realty Partners (Stream), a national real estate services, development, and investment company, today announced that the Chicago office has been awarded the leasing of 620 N LaSalle, a newly renovated 80,000-square-foot Class A building owned by an affiliate of Next Realty, LLC, a local owner and operator or commercial real estate. Located on the corner of Ontario and LaSalle Streets, the building was previously home to the Amsterdam-based company Spaces, as well as The Sports Authority (and its predecessor, Sportmart). The building currently is 100 percent vacant and immediately available for lease.
620 N LaSalle has full-floor availabilities, as well as flexible, move-in ready space via Stream’s Rapid Offices™ (Rapid), a workspace office leasing solutions platform that streamlines the leasing, occupancy and payment process to expedite the leasing of move-in ready spec suites and coworking space. Rapid simplifies and accelerates move-in procedures by enabling virtual tours, providing fully furnished spaces, and operating through convenient online lease applications and proposals. Regardless of size—a single desk office or a 10,000 square foot move-in ready space—Rapid’s priority is providing ease of use and community.
“With space in the newly renovated building now available, Stream approached us with the idea to layer the traditional leasing model with the activation of their Rapid platform so Chicago start-ups and companies looking for short-term leases can now have the ability to secure space within 24-hours all online,” said Marc Blum with Next Realty. “This innovative leasing platform allows speed to lease execution that Chicago businesses are looking for in today’s market.”
In 2019, Next Realty completed a comprehensive gut renovation of the eight-story building, which included installation of all new windows, two new high-speed elevators and cabs, new electrical, plumbing and HVAC systems, and a large roof top deck with 360-degree views of the city.
Upon completion of that work, the former tenant built out its space to accommodate business professionals from companies of all sizes to enjoy desks, suites and full floors fully-furnished and equipped with telephone and data service. The comprehensive renovation at the building is well-suited to Stream’s Rapid platform.
Stream’s Managing Director Adam Showalter, said, “Our team is highly regarded in Chicago for our creative, agile and strategic approach to leasing that challenges the status-quo and provides immediate value for our clients. We are excited to work with Next Realty to provide move-in ready, fully-furnished and wired spaces with Docusign leases and credit card payment options.”
River North continues to attract employers that want to be near the home and playground of the most sought-after workforce in the Midwest. With 2,300 new multifamily units developed or under construction, River North offers extraordinary retail and nightlife options, as well as luxury housing and convenient access to public transportation.
The Stream Chicago office team of Showalter, Patrick Russo, Managing Director, and Jessica O’Hara, Senior Vice President, spearheads the leasing and marketing efforts of 620 N LaSalle.
About Stream Realty Partners
Stream is a commercial real estate firm with full-service offerings in leasing, property management, development, construction management, and investment sales services across the industry. In addition, Stream is dedicated to sourcing acquisition and development opportunities for the firm and its clients. Since 1996, Stream has grown to a staff of more than 920 real estate professionals with regional offices in Atlanta, Austin, Charlotte, Chicago, Dallas, Denver, Fort Worth, Greater Los Angeles, Houston, San Antonio, San Diego, and Washington, D.C. Stream completes more than $3.6 billion in real estate transactions annually and is an active investor and developer across the nation. Visit streamrealty.com.
About Next Realty, LLC
Next Realty, LLC is a real estate private equity firm that has been acquiring commercial properties since 1998. Since inception, Next Realty has made over 70 investments across multiple asset types and locations, representing approximately $600 million in gross asset value. Next Realty’s focus is to acquire, reposition and improve operations of underperforming assets. Our team employs a disciplined investment approach and active asset management to structure transactions and maximize financial performance of our portfolio. The Next Equity Program is a joint-venture vehicle that invests alongside experienced, local operating partners across all property types. Together with our operating partners, Next Realty is committed to the long-term success of the firm and its investors. For more information, please nextrealty.com.