Redeveloped Concourse Chicago draws corporate relocations to O'Hare submarket
NAI Hiffman and Berger Asset Management have secured three leases totaling approximately 8,900 square feet of space at Concourse Chicago. Berger acquired the 12-building complex in 2018 and is currently renovating and repositioning the property, located in the O’Hare submarket.
The transformation is turning the property into a vibrant, 165,000-square-foot office campus and co-working space. The three new tenants represent a satellitte office from an Elgin, Illinois-based firm and two relocations from the Chicago CBD and from the neighboring Presidents Plaza.
“These three leases, and the companies behind them, tell the story of the opportunity in the market for a property like Concourse Chicago,” said Steve Chrastka. He and with Jason Wurtz are the exclusive leasing representative for the property on behalf of NAI Hiffman. “By building a new amenity center for tenants that has a fitness center, meeting rooms, a tenant lounge and outdoor seating areas with Wi-Fi, Berger Asset Management is speaking to tenants across the street, in the central loop or in a suburban office as far as 30 miles away.”
The newest tenant is Blue Water Shipping, represented by Jake Spinell and Jon Connor from Colliers International. The company executed a lease for approximately 3,900 square feet at 8605 W. Bryn Mawr and is relocating from Presidents Plaza located across the street from Concourse Chicago.
In relocating from the nearby, Class A, multi-story building, the international transport and logistics company has elected to stay close to the Blue Line and other elements of this convenient location while cutting their rent nearly in half. Additionally, Blue Water Shipping will have a more collaborative office environment and be able to take advantage of the exterior common areas and 24/7 control of their heating and cooling systems.
In the second transaction, Green Office Partner completed a lease for 3,700 square feet, represented by Steve Goldstein of Jameson Commercial. The company, which delivers managed print services, occupies space in the building located at 8601 W. Bryn Mawr after relocating from downtown Chicago in search of lower rent and more convenient access for employees.
The location of Concourse Chicago was particularly appealing as it provides convenient access to the CTA Blue Line and a network of highways and roadways that allow Green Office Partners to recruit talent that prefers living in the city. Additionally, the ability to create its own identity with brand new office buildout in an essentially new complex.
Finally, John Cassidy with Lee Associates represented Great Lakes Technology in their 1,500-square-foot lease at the 8601 W. Bryn Mawr building. The location will serve as a satellite office for the Elgin-based technology firm.
A satellite sales office in the O’Hare market allows Great Lakes Technology immediate access to the Blue Line to attract and retain employee talent from the city. Further, Great Lakes Technology has leased one of the spec suites at Concourse Chicago which allowed them to expedite their occupancy.
“We’re seeking to change an industry mindset, and fill a void for tenants,” said Jonathan Berger, founder, Berger Asset Management. “We are able to offer tenants in the market a 20 to 40 percent savings on their occupancy costs. We are now offering newly built-out office space, coworking spaces, a fitness center, common tenant lounge, free coffee, meeting rooms and new outdoor gathering spaces for our tenants to take advantage of. Plus, Concourse Chicago is only a 700 step walk to the Blue Line, and sits at the intersection of several major highways.”
With that in mind, Berger and his team are completely remaking Concourse Chicago. The 12-building office complex located immediately south and west of the Kennedy Expressway at the Cumberland Avenue exit. Since its acquisition the investment and management firm has undertaken a comprehensive, multi-million-dollar renovation and repositioning program.
As seen in REJournals.