Construction is kicking off on a 12 story boutique, Class A office building in Chicago's River North. Even at this early stage, two anchor tenants have already been announced. The location is 448/450 North LaSalle and the developers are CA Ventures and Midwest Property Group Ltd. CA Ventures will occupy the lower five floors and WeWork will lease four floors of the building per RE Journals.
Lamar Johnson Collaborative is the architect and Lendlease is serving as the general contractor. JLL will market the remaining three floors (45,000 square feet) of office space and completion is scheduled for the first quarter of 2021.
The building will consist of the following:
- 172,000 square feet with floorplates starting at 15,000
- Floor-to-ceiling heights will be over 12 feet
- Luxury amenities include a rooftop deck
- Lounge
- Fitness center
- Bike room
- Retail on the first floor
According to Crain's Chicago Business, the lease on floors two through six of the new building helps to anchor the property. WeWork will be leasing 63,000 square feet on the building's top four floors and plan to open the space in May 2021.
CA Ventures began business in 2004 as a small student housing business and has recently expanded into owning and developing senior housing, office, multifamily and industrial properties. They will also invest $12 billion over the next five years in the student housing and residential sectors.
The LaSalle location will be WeWork's 14th downtown and fifth in River North, sitting just a block west of one of its longest-running Chicago locations at 111 W. Illinois St.
Javors of Midwest Property Group and CA Ventures are part of a pack of investors that keep betting on the strong downtown office market.
Available office space is very hard to come by in River North where vacancy in top-tier buildings is a razor-thin 5.3 percent, CBRE data shows.
DataBid is currently reporting on this project - 450 North LaSalle Retail & Office Building River North - Chicago (0029032819)
