Newport Beach, California-based KBS signed 17,383 square feet in new leases at 213 West Institute Place in Chicago. Meredith Corporation, a leading media and marketing services company; Tiesta Tea Company, a loose-leaf tea producer; M1 Finance, a financial services firm and Studio Brunstrum, an interior design firm, all signed new leases at the property.
213 West Institute Place is a 155,385-square-foot, converted loft-office building located in the city’s River North neighborhood. Built in 1908, the property features exposed brick and timber, dramatic lofted ceilings and oversized windows. Renovated in 2017, the property features an on-site restaurant and bar, as well as a parking lot for tenant use. The owner, KBS Growth & Income REIT, is planning additional amenity upgrades with a new tenant lounge and bike storage.
“KBS has a great track record in welcoming and retaining tenants at 213 West Institute Place,” said Marc DeLuca, eastern regional president for KBS. “We anticipate the upcoming renovations will add further value to this well-located property.”
Located in Chicago’s desirable River North submarket, tenants enjoy accessibility to a variety of neighboring restaurants, shops and bars. The area is surrounded by numerous high-end walkable amenities and entertainment including art galleries and museums. The property is also transit-oriented and located just across the street from the metro’s L stop, providing easy accessibility for tenant employees.
“I have been leasing 213 West Institute Place for four years and can attest to how the location of the building and amenities available are valued by our tenants,” said Scott Sessa, leasing agent for the building. “The property is not only completely modernized and ideally located, but it also offers tenants optimal views of Chicago and unparalleled accessibility to the city.”
According to Cushman & Wakefield’s Q4 2018 Office Marketbeat report, Chicago’s office market has maintained steady growth over time. With Chicago’s unemployment rate dropping from 4.1 percent to 3.7 percent, it has created more demand for high-end office buildings in the area, particularly in the technology sector.
“River North’s prime location and walkable amenities play a big part in drawing tenants to 213 West Institute Place,” said Dan Park, senior vice president for KBS and asset manager for the property. “We are excited to welcome the new tenants and hope they will benefit from the increased work-life balance offered at the property.”
Phil Geiger and Amy Berg of JLL represented Meredith Corporation, Victor Sanmiguel of Bespoke Real Estate represented Tiesta Tea Company, Nicole Weldon of Truss Real Estate represented M1 Finance, June Simonian of Transwestern represented Studio Brunstrum and Scott Sessa of Ameritus represented KBS in the transaction.
