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Midwest Property Group will break ground by January on a 32,000-square-foot mixed-use development at the corner of LaSalle and Hubbard Streets and in one of the country’s trendiest office markets. The developer has tapped downtown Chicago specialist and Newmark Grubb Knight Frank (NGKF) Senior Managing Director Matt Ward to secure an office/showroom tenant for the top two floors of the 131 West Hubbard development, totaling 22,000 square feet.
The two-floor space will feature 12-foot ceilings and virtually column-free floor plates, ideally designed for a showroom or loft office. There will also be a separate ground-floor lobby space and entrance with the opportunity for signage and street visibility. Plans call for a restaurant for the remainder of the ground floor. The project is slated to begin construction by January with completion in February 2016.
River North is abuzz with apartments and condos, cafés and restaurants, nightclubs and hotels. Its office space is coveted by a bevy of tech start-ups and internet giants such as Google, Yelp, Groupon and salesforce.com, and more traditional industries like law firms Kirkland & Ellis and Latham & Watkins. It also boasts the lowest office vacancy rate in downtown Chicago.
“The visibility and branding opportunity the building offers provides a discerning tenant with instant cachet and identity,” said Mr. Ward, who joined NGKF in June and is heading up the leasing of the 200,000 square feet of space at 20 West Kinzie that Google is vacating next year along with 111 West Illinois. “River North is the only true 24/7 neighborhood in Chicago.”
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 330 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets. For further information, visit www.bgcpartners.com.