Office Tenants Venturing Outside the CBD
A Belgium-based international food science company with offices in 70 countries will also settle in Pilsen.
CHICAGO—Puratos, a Belgium-based international food science company with offices in 70 countries, has signed a 6,668-square-foot lease at Mural Park, 1901 and 1911 S. Sangamon St. in Chicago’s Pilsen neighborhood. It’s by far not the largest new lease in the city, but it’s another sign that users are willing to occupy creative spaces in new office submarkets on the CBD’s periphery.
The company’s space will operate as an innovation center to expand its US footprint and service the company’s Midwest clients. Jeff Dowdell, Katie Steele and William Briggs of Transwestern represented the landlord, Condor Partners, in the transaction.
“This location offered Puratos a perfect mix of affordable rents, dynamic space and proximity to the central business district,” says Dowdell. “The transaction, coupled with Five Rabbit Ceverceria’s recent lease, brings our first building, 1901 S. Sangamon, to 18% pre-leased. This is ahead of schedule and precedes the completion of approximately $8 million of base building work, underscoring the redevelopment’s popularity.”
Mural Park is a 200,000-square-foot creative office loft project situated in historic Pilsen, a submarket recently named one of “The 12 Coolest Neighborhoods Around the World” by Anna Abel on Forbes.com. The neighborhood hosts the renowned National Museum of Mexican Art, and has gained notice due to its many murals and community art projects, and Condor wants its project to reflect and build on that tradition.
The redevelopment is transforming two existing industrial buildings from the early 1900s into class A brick and timber loft office buildings designed for today’s modern tenants. The project is in the process of securing a grant to help finance the creation of an outdoor public park, providing tenants and the community open green space, public art, flexible furnishings and innovative technology that will cater to numerous community-oriented programs throughout the year.
“Pilsen exudes an authentic culture and committed community, and to have attracted such a creative international company away from more conventional Chicago submarkets is a wonderful affirmation of our plan,” says Michael McLean, partner at Condor Partners.
Mural Park is located just eight minutes south of the central business district and has direct access to I-90/94, I-290, and I-55, with CTA and Metra rail stations nearby. The project will be a primary destination along the City of Chicago’s new “El Paseo,” a four-mile bicycle and walking “rails-to-trails” corridor connecting University Village with Pilsen and Little Village.