CHICAGO—WeWork, an operator of collaborative workspaces, has just leased 25,281-square-feet in the Alter Group's One11 West Illinois St., a 10-story, class A building in the River North neighborhood. Tenants now occupy 97% of the 227,604-square-foot building. The new lease continues a good run for Alter's properties in the submarket. As reported in GlobeSt.com, the company recently signed two tech firms to 24,350-square-feet in 20 W. Kinzie St., a 17-story building nearby. These also brought this building up to 97% occupied, although Google will soon vacate a sizable block of space there.
“WeWork is a perfect complement to One11 West Illinois Street's image because they are known for their sumptuous collaborative spaces that straddle professionalism and high style,” says Alter. “Because the building is located in the city's tightest office market and most-prized entertainment district, our marketing strategy specifically targeted leading entrepreneurial companies seeking to attract highly skilled millennials.”
“We are delighted to partner with the Alter Group to bring entrepreneurs, startups and freelancers in the Chicago area WeWork's unique offerings—the space, services and community they need to pursue their life's work,” says Mark Lapidus, director of real estate at WeWork. “The energy and density of the One11 West Illinois Street neighborhood make it an ideal fit for WeWork's second Chicago location. We can't wait to open our doors and help accelerate the growth of Chicago's many small businesses.”
One11 West Illinois Street was represented by Matthew Ward, senior managing director, Newmark Grubb Knight Frank. The building is also home to Salesforce.com as well as the Erikson Institute, a graduate school for child-development professionals. Additionally, the building houses Roka Akor, a sushi and steak Japanese Robata grill restaurant.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
