Next Realty Announces Adaptive Re-Use/Corporate BTS Plan for 620 N. LaSalle
Retains CBRE to market highly visible opportunity in Chicago’s River North submarket
SKOKIE, IL (March 3, 2017)—Skokie-based Next Realty, LLC has announced plans to repurpose the eight-story former Sports Authority retail location at 620 North LaSalle Street in Chicago. The real estate investment and management firm has retained CBRE to market the existing but now vacant loft-style property to corporate office space users and destination retailers.
Next Realty outlined two paths for the repurposing of 620 North LaSalle Street. The first scenario, for a tenant with a more immediate occupancy requirement, involves a redevelopment of the approximately 80,000-square-foot building that features approximately 10,000-square-foot floor plates. The second option is the development of a new corporate office build-to-suit that could rise 17 stories and total as much as 250,000 square feet.
According to Marc Blum, President and COO of Next Realty, the firm is prepared to act quickly, possibly within 90 days or less for a redevelopment, slightly longer for a corporate build to suit. Occupancy dates range from Summer 2018 for a redevelopment to Spring 2019 for a corporate build to suit.
“Location is perhaps the most important factor in a company’s site selection process,” Blum said. “The location of this site, in a mixed-use neighborhood of newly constructed multifamily developments, historic office properties, destination retail as well as restaurant and entertainment spaces, makes it one of the most attractive areas for businesses looking to attract and maintain today’s coveted downtown workforce.”
Michael Kazmierczak and Kerry Middleton of CBRE will list the property on behalf of Next Realty. According to CBRE Research, River North maintains the lowest vacancy of any downtown submarket, at 7.7 percent in the fourth quarter 2016, down from 7.8 percent the previous quarter.
“Creative office spaces in well-located, non-traditional type office buildings are incredibly popular in Chicago and the supply of opportunities for this kind of product in River North is extremely tight,” Kazmierczak said.
He noted that this River North location is one of the premier branding opportunities available in Chicago right now.
“The popular River North neighborhood continues to attract employers that want to be located in close proximity to the home and playground of the most sought after workforce in the Midwest,” Kazmierczak said. “The area immediately surrounding 620 North LaSalle offers everything from excellent dining and nightlife to luxury housing options and convenient access to public transportation. It has it all.”
The property is located at the intersection of LaSalle and Ontario streets. Within a half mile radius of the property, 2,300 new multifamily units are being developed and expected to be delivered in the next 12 to 18 months.
In 1994 MC Sports leased the space to Sportmart. At that time, Sportmart was run by Next Realty Managing Principal and CEO Andrew Hochberg. Next Realty acquired the building in 2002.
“Going back more than 25 years I have always believed in the long-term potential and value of this site,” Hochberg said. “We believe that others will also see the value of this location and embrace it for corporate office and destination neighborhood retail use.”
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