Stream Realty Tapped to Lease 3 Chicago Office Buildings
Located in the West Loop and Fulton Market, the properties total more than 800,000 square feet.
Despite a sluggish commercial real estate market, Stream Realty Partners has expanded its leasing portfolio with the addition of more than 800,000 square feet of office space spanning three Chicago buildings. The properties belong to three separate ownership groups.
The national commercial real estate firm was tapped to handle leasing assignments at 550 W. Adams, 400 S. Jefferson and 315 N. Racine. Two of the buildings are in the West Loop and one is in the Fulton Market neighborhood. They are all located near Interstates 90, 94 and 290 and have easy access to Chicago’s CTA “L” line.
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Patrick Russo, Stream Chicago executive managing director & partner, said in a prepared statement there is a flight to quality trend in the office market and ready-to-go or built-out space is still leasing in Chicago. He said all three of the assets either have ready-to-go space or the owners are planning to invest capital to build speculative suites in the future.
The Stream Chicago leasing team also includes Managing Director Mark Bâby, Associates Brittany Hughes and Katie Hull. Bâby, Hughes and Hull are the leasing brokers for 550 W. Adams. Russo and Bâby are handling leasing efforts at 400 S. Jefferson and Hughes and Hull are the leasing agents for 315 N. Racine.
550 W. Adams
The 18-story tower in the West Loop submarket is owned by Australian global financial services group Macquarie and has 469,729 square feet of Class A office space and 7,760 square feet of retail space. Built in 2006, the tower was renovated in 2021. Macquarie acquired the property in February 2015. A sales price was not available but the owner secured a $92.5 million loan in February 2022, according to CommercialEdge data.
Amenities include Quincy’s tenant lounge and bar, a fitness center, conferencing facility and bicycle storage. The building is Energy Star labeled and LEED Gold certified and features a green roofing system with rainwater management that helps control costs. There is on-site parking, and the building has easy access to Union Station.
550 W. Adams is currently 87 percent leased and offers office space from 2,465 square feet to 27,560 square feet. Tenants include USG, Optimal Design, Class Computing, QST Industries, Lewis Brisbois law firm, Chase and Inteliquent and Dylan’s Tavern & Grill, CommercialEdge reported.
400 S. Jefferson
Located in the West Loop, the eight-story, 247,000-square-foot office building is managed by The RMR Group, an alternative asset management firm with a national portfolio. The property has a multi-story town hall and event space, outdoor roof deck and tenant lounge, 60 interior and 18 exterior parking space and a bike room.
Built in 2013, 400 S. Jefferson was acquired in January 2015 by Cole Chicago LLC for $90.5 million, according to CommercialEdge data. The LEED Gold-certified building currently has one tenant listed, Tyson, CommercialEdge reported.
315 N. Racine
The 92,200-square-foot, five-story brick-and-timber property was built in 1912 and redeveloped in 2013. Aberdeen Development of Chicago owns the building near Fulton Market Street. The acquisition price and date were not disclosed but the owner obtained an $18 million,10-year loan in February 2020, according to CommercialEdge. The historic property has 13-foot ceilings, a lobby and on-site reception area. Tenants include CH Robinson and TMC, CommercialEdge reports.
Headquartered in Dallas, Stream has an integrated platform of services including leasing, property management and tenant and landlord representation. The company has 15 offices in core markets across the country.
In late May, Fortis Property Group revealed plans for a multimillion-dollar renovation of the 55-story, Class A Chase Tower in downtown Dallas that will be rebranded as the Dallas Arts Tower. Fortis chose the new name in collaboration with Stream, which is the leasing broker for the 1.3 million-square-foot office tower.
In November, David Z. Mafrige Interests appointed Stream to provide leasing services for World Houston Place, a 216,889-square-foot Class A office building in Houston.