NAI Hiffman announced the recent sale of 8601-8623 W. Bryn Mawr Avenue and 8600-8622 W. Catalpa Avenue in Chicago. Jonathan Berger of Berger Asset Management LLC, purchased the office complex from AREI (InterPark), LLC with the plan to revitalize and reposition the asset. NAI Hiffman was the sole broker in the sale, which was completed through the NAI Hiffman team of executive vice president John Cash, senior vice president Art Burrows and vice presidents David Haigh and Steve Chrastka.
InterPark Corporate Center is a 12-building, 165,000 square-foot, single-story office complex situated on 7 acres, located in the O’Hare office submarket, that fell into foreclosure after an attempt was made to convert half of the site into a 400-unit apartment complex. AREI retained the services of NAI Hiffman to manage the existing tenant base and sell the property, which at the time, was only 40 percent leased. In April of 2018, Berger acquired Interpark from AREI. Chrastka and senior vice president Jason Wurtz of NAI Hiffman have been retained by the new owner to oversee the leasing efforts.
“We have a unique opportunity to offer a tenant up to 80,000 square feet of space in a campus-like setting that is both in Chicago and steps away from the Blue line to O’Hare International Airport and downtown Chicago,” said Chrastka. “Single-story office parks don’t typically focus on an experience or culture for its tenants. This ownership is going to change that by adding a fitness center, conference and lounge space and bike share program. They want to create a unique workplace environment that all tenants, from seasoned professionals to next generation millennials, will be proud to be in.”
Berger retained Ware Malcomb to lead the rebrand of the campus and make his redevelopment vision a reality. The asset formerly known as InterPark Corporate Center will now operate as “Concourse Chicago,” tying together the abundant transportation amenities and the excellent O’Hare location. Berger, no stranger to property redevelopment, brings passion and an innovative approach to repositioning and reinvigorating real estate assets. Most recently, his organization redeveloped a vacant 50,000-square-foot building in Highland Park, Illinois, which is now occupied by Tesla Motors.
“Concourse Chicago, located at the intersection of transportation, entertainment and commerce, will offer tenants a unique, high-tech campus-like setting,” Berger said. “The team is also planning to develop public spaces within the campus along with new buildout concepts for existing tenants and new speculative suites for lease.”
This new setting will offer tenants an opportunity for a fresh start with new progressive office designs, while inspiring a culture of engaged minds. The buildings are divisible and will provide office solutions to tenants ranging in size from 900 to 80,000 square feet. Berger anticipates that the property’s upgrades will be complete and ready to welcome new tenants in the fall of 2018.
