CHICAGO-Alter Group, based here, has signed two restaurants to leases at its 10-story 111 W. Illinois St. tower, about half occupied by the Erikson Institute in the River North neighborhood. Now, the firm is looking for one-to-two large tenants to take the other half of the building.
Alter built the tower in 2008, with the non-profit, child-development graduate school already owning its 75,000 square feet. The company has since tried to find at least one tenant, or a hotel, to lease or purchase the other 140,000 square feet.
Recently, Alter signed leases for Roka Akor, a sushi and Japanese grill restaurant that will take 6,500 square feet on the first floor, and Bombay Spice Grill, an Indian restaurant that is taking 2,200 square feet. Both will open in 2011. The restaurants open in a popular dining-out neighborhood, where another Japanese restaurant, Gyu-Kaku, has just leased 12,000 square feet at 210 E. Ohio St.
Matthew Ward, SVP at Alter, says there has been interest by office users for the rest of 111 W. Illinois. “There is a lack of large blocks of space available. We’re looking for one or two tenants. The building is set up perfect for just a few tenants, with the option of users each having their own lobby,” he tells GlobeSt.com.
There is a fair chance tenants will bite. There are a few large-space users out looking. Though the River North market of downtown Chicago has almost 17% vacancy, it also had the largest amount of positive absorption in the first half, at 130,000 square feet, according to a Grubb & Ellis market report.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.