CHICAGO-Electronics distribution firm Newark Corp. is reportedly close to inking a 65,000-square-foot lease at the 23-story 300 S. Riverside Plaza office tower in the West Loop here.
The firm, currently housed in the Ravenswood section of the city, would relocate to the Riverside Plaza property if the lease deal were finalized, according to Crain's Chicago Business.
Newark Corp. has secured almost $1 million in tax credits from the state of Illinois in connection with the deal. The company had threatened to relocate to Richfield, OH.
The transaction will help fill space at the more than 1-million-square-foot property owned by New York City investors Joseph Mizrachi and David Werner who are losing one of the office tower's largest tenants, American International Group, which is vacating approximately 200,000 square feet of space there. See story in Crain's Chicago Business.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
