Three years behind schedule, Green Exchange close to signing a major tenant.

Have you noticed that hulking, huge, vacant, massive, old, other adjective warehouse that backs against the Metra tracks, I90, and Diversey?  Well that’s the Green Exchange, located at 2545 W. Diversey Pkwy.

Originally planned as loft condos, the neighborhood had major issues with the plans so the development was halted.  Does anyone know why there was an issue with an old delapidated lamp factory being turned into nice, new condos?  Now being advertised as the nation’s biggest showcase for environmentally friendly businesses, it’s been quite the elephant in the room for the neighborhood because the Green Exchange is three years behind schedule.

The developers are currently in talks to land a major lease with Coyote Logistics LLC which will take 18-31% of the 227,450 square feet of available space making the building over 70% leased.  Some would say Coyote Logistics isn’t much of a green buiness but Coyote is a trucking company that works to minimize the number of trucks traveling empty, which in turn reduces energy consumption and emissions.

Check out the full Crain’s Chicago Business article AND video HERE!

JUST RENTED! Great 1Bed+Den on South Michigan Avenue in South Loop

Just helped my @properties renter find this 1Bed+den gem in the South Loop, located at 1430 S. Michigan Avenue…AND signed a 2 year lease.  These renters were great and I definitely think they picked a good place.  This apartment comes with lots of storage space, a nice sized balcony off the living room, and includes a parking space.  Even the living space is a really good size with the perfect space for an office.

Check out the full virtual tour HERE!

If you’re ready to buy a home, sell your current place, find a rental apartment, or rent you home in Chicago, contact me and we can get started!  jeffstewart@atproperties.com.

Crain’s video highlights the demise of the Armitage Avenue retail corridor.

The Armitage Avenue retail corridor, between Halsted and Racine, has become another casualty due to greedy real estate developers and real estate owners.  With retail rents at an affordable rate, Armitage Avenue was able to attract droves of mom and pop businesses that appealed to, not only Chicagoans, but tourists from around the world.  These boutique shops and low rents made Armitage Avenue one of the most sought after destinations to go shopping and to open up a store respectively. 

But during the residential and retail boom years ago, the owners of the retail spaces were able to jack up rent to a level business owners couldn’t afford.Now that the economy has plummeted, businesses could no longer afford the sky-high rents and now Armitage Avenue is filled with vacant storefronts or banks. 

Take a look at the Crain’s Chicago Business video by clicking HERE!

New restaurants, including Bull & Bear, to open around River North.

Bull & Bear owners, diner to open River North locations

By: Todd J. Behme Feb. 05, 2010

(Crain’s) — The owners of the popular Bull & Bear pub and a local diner plan to open new locations this year in River North.

The firm that owns the Bull & Bear and Stone Lotus, Twilight Traffic Control LLC, leased 12,000 square feet on the ground level and basement at 400 N. State St. for an upscale, “beer-centric” pub that’s to open in September, says Luke Stoioff, a partner with Twilight Traffic.

The new pub will have a different concept than Bull & Bear, a sports bar, and Stone Lotus, a nightclub.

The 10-year lease has several five-year extension options, Mr. Stoioff says. The location will be twice as large as the firm’s two other River North spots and have a little more expansive menu than Bull & Bear, 431 N. Wells St., serving contemporary American comfort food, he says. It also will have beer taps at the tables.

The 400 N. State building is now 80% leased, says Marc Bushala, the majority owner and managing partner of the group that bought it in 2008.

News of Twilight Traffic’s plans was reported last week by newsletter Marina City Online, which says Redfish closed in July 2008.

Separately, Clarke’s Restaurant signed a 15-year lease this week for 6,650 square feet at 343 W. Erie St., says Arthur Holmer, a managing principal of the building owner, Chicago-based real estate investment firm Wells Street Cos.

Clarke’s, whose “Oh my. You should eat” sign at the 930 W. Belmont Ave. location is well-known to CTA riders, is to occupy space vacated about a year and half ago by residential real estate brokerage Keller Williams Realty, Mr. Holmer says.

The new location will be the biggest for Clarke’s, whose three others are about 4,000 square feet, says Dan Moon of Moon LLC, who represented both sides in the lease. The River North site is targeted to open in mid-April, he says.

Both Clarke’s and Twilight Traffic’s have proven concepts, which should help them succeed even in today’s economy, says Jeremy Kudan, principal at Chicago-based brokerage Kudan Group Inc., which specializes in restaurants and was not involved in either deal.

High traffic and River North’s affluent demographics also give both “a huge chance at long-term success,” Mr. Kudan says in an e-mail.

In an e-mail statement, Clarke’s owner Tom Tsatas says River North “is a perfect location for our clientele and we are looking forward to becoming the local neighborhood restaurant for quality, inexpensive American fare.”

Read the full Crain’s Chicago Business article by clicking HERE!

Photo courtesy of Time Out Chicago

Know a friend who is looking to rent an apartment in Chicago?

Hey there!  So one of the reasons I created ChicagoismynewBlog! is to help promote my real estate business and to keep marketing myself as a REALTOR® with @properties.  I want to reach out to all of you who may have a friend or family member who is in the process of trying to find an apartment in Chicago and offer my services because they’re basically free for anyone looking to find an apartment.

I would be honored to have my contact information passed along.  Lets start…….now.  Don’t hesitate to send an email to my @properties email:  jeffstewart@atproperties.com

Adler School of Professional Psychology’s major move and expansion in the Loop.

North Loop school moving to 1 N. Dearborn

By: Eddie Baeb Dec. 02, 2009

(Crain’s) — The Adler School of Professional Psychology is moving to the vintage office building at 1 N. Dearborn Street, a deal that doubles the school’s current space and is one of the biggest new leases downtown this year.

The Adler School will occupy two full levels at 1 N. Dearborn and is to move in January 2011 from its home of almost 20 years at 65 E. Wacker Place, a skinny building where the school is spread over seven floors.

At 1 N. Dearborn, a 17-story tower built in 1905 that includes Sears’ State Street department store, the school has leased 100,796 square feet that includes a designated first-level entrance and lobby. The school also will have a rooftop deck and has expansion options for the currently vacant 17th floor.

Adler President Raymond Crossman says the move will be “transformational” for the little-known school, which offers graduate-level courses in psychology and group counseling as well as social justice programs inspired by Alfred Adler, an Austrian psychiatrist who died in 1937 and is credited with coining the term “inferiority complex.”

Mr. Crossman says the move will accommodate the school’s recent growth, to 712 students this fall from 366 five years ago, and also help raise Adler’s profile.

“Right now, you can walk by the school and not really notice it. That won’t be possible at the new location,” says Mr. Crossman, adding that the new classroom space also will be a big improvement for students and staff. “It’s going to be hard to walk into that space and think inside the box. The space is going to be so innovative.”

While the recession has ravaged the office leasing market and burst the construction boom downtown, universities have been a bright spot for the Loop. Roosevelt University recently sold bonds to finance a new 32-story tower, which will be the second-tallest college building in the U.S. when completed in 2011, while Robert Morris University is also expanding….

Check out the full Crain’s Chicago Business article by clicking HERE!

1 N. Dearborn St. Photo from CoStar Group Inc.