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June 22, 2022

Downtown office building renovations include these spec suites

Downtown office building renovations include these spec suites
Jun 22, 2022, 2:47pm CDT

A $100 million capital improvements project launched last year for several downtown office buildings owned by New York-based AmTrust Realty Corp. includes a series of speculative suites slated for completion by year-end.

Bear Construction, a Rolling Meadows, Illinois-based general contractor, is heading up renovations for 10 new spec suites at a 983,000-square-foot office tower located at 30 N. LaSalle St.

The new spec offices are suites 1526, 1700, 1728, 1750, 2040, 2270, 2400, 2624, 3650 and 3200 — two of which are now leased to tenants, according to Dennis Hill, senior vice president of Bear Construction.

“Several tenants have already signed leases for some of the spec suites, and Bear has been making the tenant-specific revisions to those suites to coincide with delivery or lease commencements,” he told the Chicago Business Journal. “Bear provided wellness rooms within each of the larger spec suites to provide a private space for personal health and child care needs of the incoming tenants. Each suite is outfitted with a sink, cabinetry and comfortable seating.”

He added that spec spaces are accessible to numerous businesses and have seen a high success rate in the market.

“Bear has seen a large increase in build-to-suite spaces in the Chicago market since 2019. [That year] saw over 50% more spec suite pricing requests, and the sector has maintained those increased values since,” said Hill. “And 2022 continues to see move-in ready spaces providing ease for businesses.”

Wendell Hutson
Staff Reporter
Chicago Business Journal