Chicago-based Peppercorn Capital has unveiled new street-level activation plans for 240 N. Ashland Avenue that would reinvigorate the nearly 100-year-old West Loop asset.
Creating an inviting environment is a top priority for Peppercorn and its owner and founder, Phil Denny. Plans call for lighted metal canopies to be installed along Ashland as well as uniform banner signage. The west side of the property will feature a new tenant entrance and lighting along with a repaved parking lot and plenty of green space for tenants to enjoy.
“These are some strange days and it’s difficult to keep plugging away with so much uncertainty,” said Denny. “But we have to keep moving forward and prepare for a post-COVID world. I’m bullish on 2021 and confident that we will bounce back. Tenancy and tenant requirements may look a bit different as we move forward but we need to be ready to go.”
Built in 1926, 240 N. Ashland is an adaptive reuse property and the former headquarters for modern furnishings and décor company CB2. It spans 80,000 square feet and, with its 10-foot by 10-foot clock, serves as the visual anchor for the West Fulton Market submarket.
Located within steps of the Ashland Green Line, Fulton Market, Union Park and the United Center, it is arguably Chicago’s most walkable building, giving tenants access to some of the most talked-about restaurants, shopping and entertainment the city has to offer.
And for those tenants seeking a manageable, controllable environment post-COVID, the legacy headquarters building, at three stories tall, offers a vertical, walkable campus with extra wide stairwells typical of the era in which the building was constructed.
“One of the biggest questions facing building owners right now is how to safely and efficiently guide people through their buildings. Elevators are the problem to solve,” said Denny. “Fortunately, we have an excellent solution—and a healthy one too.”
Peppercorn Capital, founded by longtime Chicagoan Phil Denny, is a private investment company focused solely on the West Loop and Fulton Market. Specializing in adaptive reuse long before adaptive reuse was trendy, Denny entered the market 20 years ago and has built a sizeable portfolio over the years. He continues to sell non-core assets, despite the pandemic, doubling down on the market with the intent to raise capital for future acquisitions.
