Description de l'actif
Jones Lang LaSalle (Illinois), L.P. (“JLL”) has been exclusively retained in presenting the opportunity to acquire fee simple interest in 1060 W. Van Buren Street (the “Property”), a 108,240 square foot concrete loft building on a 29,580 site in Chicago’s West Loop neighborhood.
1060 W Van Buren is a transit-oriented site which benefits from the tremendous activity occurring in this rapidly expanding neighborhood. Known for its proximity to Chicago’s world-renowned restaurant row, trendy boutique hotels and trophy office buildings, the West Loop is the most desirable live-work-play destination for Chicago’s affluent and highly educated professionals. This discerning population is demanding the highest quality amenities, and retailers, restaurateurs and developers are seeking to capitalize on this sophisticated clientele.
The Property is currently zoned DS-3 (Downtown Service District) and lies proximate to Chicago’s downtown expansion area overlay. JLL believes it is possible to rezone the site, allowing for a higher density development project via vertical expansion of the existing asset or new ground up development on the parking lot. A multitude of future uses are feasible given the adjacent built environment includes: multi-family apartments, luxury condo, student housing, medical, creative office and hospitality.
Caractéristiques de l'actif
Points clés d'investissement
PREMIER INFILL LOCATION WITH EXCEPTIONAL ACCESS
♦ Dynamic West Loop corner asset walking distance from booming Fulton Market neighborhood
♦ Adjacent to University Village (UIC) and the Illinois Medical District
♦ Two (2) blocks from Racine and UIC-Halsted Blue Line stations
♦ Vehicular access to Interstate 290 and 90 are within a half mile
HISTORICALLY SIGNIFICANT BUILDING
♦ 13,500 SF Floor Plates + Dramatic 11'2" - 14'2" ceiling heights
♦ 108,240 SF building designed by Daniel Burnham & Company
♦ Constructed in 1913 for book binding operations
♦ May be eligible for historic rehabilitation tax credits or Cook County Class L incentives
WEST LOOP/FULTON MARKET OFFICE ABSORPTION FUELS RESIDENTIAL DEMAND
♦ 1.8 million sf of active office tenant in market seeking new space
♦ Captured 47% of class A leasing absorption since 2016
♦ 35% Office Rent growth since 2019
♦ New office occupiers expected to bring 7,000+ jobs to neighborhood