Stream Realty Partners and Baum Realty Group have signed a long-term lease with The Federal Savings Bank, a privately held and veteran-owned federally chartered bank, for 50,000 square feet at The Fields, a 23 acre, 1.5 million-square-foot campus that was the former Marshall Field’s warehouse originally built by the Olson Rug Company a century ago.
The project is owned by Knickpoint Ventures, a commercial real estate investment and development company that owns property in Chicago, New York and Miami. Located at 4000 West Diversey Avenue in the Logan Square neighborhood, The Fields is currently undergoing a multi-million-dollar renovation aimed for completion in fourth quarter 2020.
Managing director Adam Showalter, along with Patrick Russo and Jessica O’Hara of Stream’s Chicago office, together with Ari Topper and Tyler Dechter of Baum Realty Group represented Knickpoint Ventures. The Federal Savings Bank was represented by Frank Franzese and Steven Bauer of Cushman & Wakefield.
“We are thrilled to welcome The Federal Savings Bank to The Fields and want to acknowledge both parties for transacting a sizable deal on a short timeline in this economic climate—particularly Frank Franzese and Steve Bauer from Cushman & Wakefield. Knickpoint Ventures has transformed this historic asset into an integrated, multi-functional creative ecosystem built upon a robust and flexible infrastructure,” said Adam Showalter, Managing Director of Stream’s Chicago office. “The Federal Savings Bank’s move from the Fulton Market to The Fields further validates Knickpoint’s strategy.”
The Fields features historic elements of exposed brick and concrete columns with 100,000 square foot floorplates the size of city blocks, soaring ceilings and windows in excess of 15 feet tall. This is paired with robust and modern infrastructure wedded to a state-of-the-art technology that recently was rated Wired Score Platinum, the highest designation for a collaborative and experiential work environment. Located in a mixed-use campus with 123 loft apartments and a 70,000 square foot supermarket, the office building has exceptional parking located within the building with 2.5/1,000 parking ratio and is surrounded by market-leading amenities, such as a fitness center, yoga studio, locker room with showers, 50,000 square feet of rooftop space, multiple food and beverage options and maker spaces. In addition, the property is supported by client services staff, as well as a 3.5-acre interior truck court with fully operational weigh station for tractor trailers. With easy access to train stations and public transportation, including a building shuttle, the area is a vibrant convergence of neighborhoods with exterior signage opportunities available.
“The Federal Savings Bank is an entrepreneurial and forward-thinking company that understands the differentiated offering at The Fields, particularly in these unprecedented times. Ample parking, all new air handling systems, and proximity to both the suburban and urban workforce have driven significant interest in the project over the last year, said Zain Koita, managing partner of Knickpoint Ventures. “We are excited to create a headquarters location for them in this neighborhood as they are focused on providing home loans to the communities they serve because in these trying times, it is imperative that families have access to capital to accomplish their goals.”