Next Realty has announced plans to re-purpose the eight-story building at 620 N. LaSalle in River North, which formerly housed a Sports Authority retail location.
The firm has retained CBRE to market the loft-style property to corporate office space users and destination retailers. One option for the space involves a redevelopment of the 80,000-square-foot building for a tenant that would require an immediate occupancy. Another option is to develop a new corporate office that could rise 17 stories and total as much as 250,000 square feet.
Either way the firm hopes to act quickly, possibly within 90 days or less for redevelopment and slightly longer for a a corporate build to suit.
“The location of this site, in a mixed-use neighborhood of newly constructed multifamily developments, historic office properties, destination retail as well as restaurant and entertainment spaces, makes it one of the most attractive areas for businesses looking to attract and maintain today’s coveted downtown workforce.” Marc Blum, President and COO of Next Realty, said in a statement.
Michael Kazmierczak and Kerry Middleton of CBRE will list the property on behalf of Next Realty.
River North maintains the lowest vacancy of any downtown sub-market, at 7.7 percent in the fourth quarter in 2016 which is down from 7.8 percent in the previous quarter. The neighborhood is one of the premier branding opportunities in Chicago right now and continues to attract employers who want to be close to luxury housing, public transportation, dining options and nightlife.
Within a half-mile of the property about 2,300 new multifamily units are being developed and expected to open within the next 12 to 18 months.
