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Newmark Grubb Knight Frank (NGKF) has been appointed as the exclusive leasing agent for the former Mid-City Trust and Savings Bank building located at 801 W. Madison Street in Chicago, Illinois. Owned by Nebel Inc., the historic property, which has been vacant for ten years, is preparing redevelopment plans and addressing the market to find the ideal office and retail tenant mix to transform this historic asset.
“801 W. Madison is a once-in-a-generation opportunity in the West Loop,” said Matt Ward, NGKF senior managing director. “Until now, the property has been dormant. However, with the redevelopment plans by ownership and our strong brokerage team and resources, we will be able to properly reposition the property and bring 801 W. Madison to its full potential. This is a tremendous and unique opportunity for tenants to lease space within a historic and highly visible Chicago property that offers an ideal location in the heart of the West Loop action.”
Built in 1911 for Mid-City Trust and Savings Bank, 801 W. Madison is a six-story, 82,360-square-foot office building located in the West Loop neighborhood of Chicago. Situated on the corner of Madison and Halsted Streets, the building offers a central location downtown that provides easy access to public transportation and highways, as well as an abundance of restaurants and retail. It is also minutes from the Theater District and upscale shopping on the Magnificent Mile. Currently underway, ownership’s redevelopment plans include restoring the building’s cornice and remodeling the building’s interior to include a state-of-the-art base building infrastructure, creating rentable retail and office space. Once complete, the property will feature loft-style, 10,000-square-foot rentable floor plates. Ward, along with Senior Associate Melissa Porcelli, will lead the office brokerage team, and Executive Managing Director Greg Kirsch will lead the retail brokerage team.
Designed by the renowned architect Horatio R. Wilson, 801 W. Madison originally featured large store-front windows clad with white terra cotta at street level and wide Chicago-style windows on the second floor. The building was extensively renovated in 1928 after the acquisition of the Virginia Theater Building. Architectural firm Perkins, Fellows & Hamilton redesigned the first two stories of the exterior and expanded and rebuilt the first two stories of the interior.
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 12,800 professionals operate from more than 370 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., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.