Cushman & Wakefield has been selected as exclusive leasing broker for Exchange 55, the largest new industrial development available in Chicago. The planned development is approved, which means the site is fully entitled and zoned for industrial. Exchange 55 will break ground immediately, with delivery expected in the first quarter of 2020.
Developed by Chicago-based Hilco Redevelopment Partners, Exchange 55 offers up to 1,054,852 square feet of state-of-the-art warehouse space and is divisible to suit tenants of many types and sizes. Future tenants will benefit from exceptional access to Chicago’s vast population of customers and end users. Located in Chicago’s Little Village neighborhood, tenants can also tap into one of the strongest submarkets in the nationa for providing a talented workforce.
Located at 35th Street and Pulaski Road along the Chicago Sanitary and Ship Canal, the site was home to the Crawford Power Generating Station, a coal-fired power plant that was built in 1925 and operated until its decommissioning in 2012. Hilco, a unit of Northbrook, Illinois-based Hilco Global, acquired the property from NRG Energy last December for $12.25 million.
“Exchange 55 offers a strategic landscape for e-commerce, logistics and intermodal freight. This development will ensure Chicago maintains its position as one of the most competitive distribution and manufacturing centers in the world,” said Larry Goldwasser, managing director, Cushman & Wakefield. “With more than 90 percent of the target workforce within a 30-minute commute and immediate access to the amenities Little Village has to offer, we expect high demand from some very formidable tenants.”
Ideal for a wide range of uses and offering size flexibility, Exchange 55 will attract tenants across e-commerce, last-mile, food and cold storage, manufacturing, 3PL, warehouse, distribution, rail and heavy power users. The development will include a modern, sustainable design; 40-foot clear height; 70-foot speed bays; multiple access points; full truck circulation and ample trailer and employee parking, with options for parking expansion.
Little Village also boasts a robust transportation infrastructure including intermodal railyards, Canadian National rail service, an “L” train station and barge access. With CTA bus stops at its door, Exchange 55 is adjacent to the full Pulaski interchange at I-55, offering a 10-minute drive to many of Chicago’s most densely populated downtown neighborhoods. The development also has excellent proximity to four intermodal yards, all located within a 7.5-mile radius.