However, some of the details of the lease might change withPepsiCo'splanned acquisition of Quaker. Pepsi acquired Quaker inorder to augment itsbeverage line with Gatorade and its Frito-Laysnacks with Quaker's granolabars and rice cakes. It's conceivablethat Quaker's non-snack food businesscould be sold off and lessspace needed at the new headquarters.

Original plans called for Quaker to occupy about 80% of thebuilding with 1,100 employees. The site will also have about 5,500sf of retail. Amenitiesof the limestone pre-cast building wouldinclude a double story lobby,fitness center, executive parkingwithin the building, eight high speedelevators, dedicated freightelevator, advanced security systems andoversized vertical risers toaccommodate communication and electrical needs.

Fifield's partner for Concord Place is CB Richard EllisStrategic PartnersFund. Lenders of the project, valued at $300million, include Key Bank,Mellon Bank and Union Labor LifeInsurance Co. Fifield is reportedlycontemplating two more similarlysized buildings on the same block. This isevidence of theincreasing popularity of Chicago's West Loop with thebusinesscommunity due to its proximity to expressways and commuterrailstations.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.