Tag Archives: redevelopment

Open air on the 28th floor? Inside 200 West Jackson

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After the 2015 purchase of the 28-story building at 200 West Jackson, new owners White Oak Realty Partners and Angelo Gordon had a challenge: reinvent a tired, Class B tower for today’s discerning tenants. The task was especially tough with an occupancy rate below 60 percent.

Click below for our Project Profile on 200 West Jackson, a 483,340-square-foot office tower where new ownership turned it up a notch.

200 West Jackson
Joining the building team soon after, JLL collaborated with ownership to enlist the services of Wright Heerema Architects and Morgan/Harbour Construction to envision and execute on an extensive, Class A renovation that touched 27,876 square feet of the building’s common areas. This sometimes-disruptive construction process required creative solutions to ensure continued tenant satisfaction, including regular communication and weekly happy hours—a tenant favorite.… Read More

The Ritz-Carlton, Chicago’s next era as a hospitality landmark

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The Ritz-Carlton, Chicago’s thoughtful, two-year transformation was planned as a tribute to the city of Chicago, bringing the outside in and celebrating the city’s long history as an architectural innovator. With this guiding principle, the JLL project management team undertook a complex modernization with an eye on both ownership’s interests and a luxury customer experience.

Click below for our Project Profile on The Ritz-Carlton, Chicago, a hospitality icon that’s inspiring life’s most meaningful journeys.

The Ritz-Carlton, Chicago

Project scope included a new lobby, bar, cafe, restaurant, ballrooms, meeting rooms, guestroom suites (plus eight luxury apartments) renovation, corridors, club lounge, spa, fitness center and pool, along with mechanical central plant upgrades. One of the team’s most important tasks was the structural modification necessary to open up views in the public areas, the most visible way to elevate design and comfort for the Ritz-Carlton’s next phase of success.… Read More

Q1 2018 Office Insight: A tale of two markets

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office insight

Q1 2018 stats for the Downtown Chicago office market

Two roads are diverging in Chicago, as evidenced by first quarter’s mind-boggling 35.2 percent spread between Class A and Class B asking rents downtown. While the triennial property tax assessment pushed landlords of choice properties to raise rents to record highs, they’re controlling the sticker shock with substantial concession packages.

Tenant improvement allowances are up by an average of 33 percent in the CBD over the past five years, something “that’s really moving the needle for tenant decision,” JLL Managing Director of Research Christian Beaudoin recently told Crain’s Chicago Business.

Construction costs rose 3 percent last year, there’s more than 7 million square feet of product under construction and landlords are competing aggressively to land tenants. These factors are fueling tenant demand for TI dollars, which will be applied toward building out creative, highly amenitized spaces in configurations ranging from traditional to progressive (like GGP at River North Point).

While financial services and law firms are shedding excess second generation Class A space, those vacancies continue to be offset by suburban relocations (including McGraw-Hill and AdTalem Education), particularly to the West Loop. Leasing activity has already reached more than 45 percent of last year’s total volume, a roaring start to the year bolstered by the urban migration trend.… Read More

How to boost rent by $7 p.s.f. and improve your golf swing

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Just six months after acquiring the 1970s-style Class B property at 222 South Riverside Plaza in 2014, ownership kicked off a transformational renovation with the close involvement of JLL’s agency leasing, project management and property management teams. The project has already experienced tremendous success and is poised to add value to ownership’s investment long after its 2017 completion.

Click below for our Project Profile on 222 South Riverside Plaza. The West Loop tower’s $50 million renovation was featured in the Chicago Tribune and continues to make a major impact on tenant renewals and rental rates.

222 South Riverside Plaza

In a strategic re-use of formerly obsolete space, the team chose the back of the lobby for the new tenant lounge, as the former ground-level retail was not a desirable location for a tenant. The multi-disciplinary JLL team played an integral role in shaping plans and facilitating efficient, clear communication around the specs and schedule of construction.… Read More

JLL wins big at 29th Annual Chicago Commercial Real Estate Awards

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Chicago Commercial Real Estate Awards

JLL Chicago took home six awards, the most of any company, yesterday at the 29th Annual Greater Chicago Food Depository Commercial Real Estate Awards. The evening brought together nearly 2,000 of Chicago’s top commercial real estate professionals to celebrate this past year’s outstanding achievements across the industry.

As one of the industry’s most high-profile and longstanding awards program, the evening raises more than $1 million to provide more than 3.84 million meals for hungry Chicago area residents.

“To receive this recognition from our commercial real estate peer group is an honor and a reflection of JLL’s industry leadership and our best-in-class Chicago team,” said Dan Ryan, our Central Region Market Director. “To be involved with the Greater Chicago Food Depository’s important work in our local community makes this even more meaningful for all of us at JLL.”

JLL Chicago’s 2016 award recipients include:… Read More

Building from the Ground Up: Industrial Spec Spotlight

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industrial spec

Last year set some modern-day records for the Chicago industrial market, including a new high water mark for net absorption at 19.1 million square feet. With vacancy under 7 percent for the first time since 2001, JLL brought together its top industrial clients to discuss what’s next. The word of the day is spec, said JLL’s George Cutro, Director of Midwest Industrial Research. It’s 70 percent of the market’s development pipeline and returning to levels last seen in 2007.… Read More