161 North Clark Ownership Group: We’re in It for the Long Run

09月19日 17:39 GlobeNewswire

Situated directly across from Google’s new Chicago headquarters, the ownership group of this iconic skyscraper is investing in the Central Loop

161 North Clark

50-story skyscraper with a recognizable asymmetrical silhouette in the Chicago skyline

161 North Clark in Central Loop

Situated directly across from Google’s new Chicago headquarters

CHICAGO, Sept. 19, 2024 (GLOBE NEWSWIRE) — 161 North Clark, an iconic, 50-story skyscraper with a recognizable asymmetrical silhouette in the Chicago skyline, is turning the page and starting a new chapter. With 75,000 square feet of leases signed in 2024, a refreshed lobby and a Veteran Roasters coffee shop opening, the property’s ownership group has a message for Chicago: 161 North Clark is open for business and ready to welcome Google into the neighborhood.

The property recently emerged from receivership into 161 North Clark Newco LLC with a new basis and capacity bring the property back to its pre-Covid performance levels. The ownership group, with Telos Group overseeing leasing, CBRE as property manager and Xroads Real Estate Advisors as the asset manager, have signed numerous leases in 2024 to-date. The team is actively shaping a dynamic lobby environment with new, versatile soft seating, creating a dynamic third place for tenants and Central Loop neighbors. Visitors will also enjoy a multimedia art exhibit from renowned local artist Tom Rossiter.

Established in 2017, the veteran-owned Veteran Roasters is opening in the retail space formerly occupied by Freshii, a component of the main lobby. Veterans is a non-profit coffee producer; their profits go toward providing at-risk veterans a place to work as well as sending funds to homeless veterans around the country in need of assistance. Beyond the lobby, tenant amenities at the property include a conference center, 12^th floor outdoor roof terrace, fitness center and tenant lounge. The new ownership is working on plans to expand and update the amenity and conference center floor as well.

“It’s a new day at 161 North Clark. The property has turned a page, we’ve gotten a handful of deals completed and we are working with Telos Group on more announcements coming soon,” said David Camins, principal of Xroads Real Estate Advisors. “The building has always had an excellent reputation in the city, particularly for law firms with its location across from City Hall and the court houses. With Google moving in across the street and planning to make their new headquarters welcoming to the community, along with a renovated Clark/Lake L-station, a new nucleus within the Central Loop submarket will be emerging,” he added.

Google’s design choices also benefit 161 North Clark. By maintaining the original height of the building, the Google renovation also preserves the views enjoyed by the tenants of 161 North Clark. Additionally, the offset of the Google headquarters from the street preserves 161 North Clark’s highly visible and sundrenched lobby.

Five law firm leases signed in 2024 with some of Chicago’s leading firms
Since early 2024, the property has signed leases with five law firms, demonstrating that the ownership group is committed to closing deals. Griffin McCarthy & Rice LLC signed a new lease, while Beermann LLP, one of the city’s most prominent groups of divorce and family law attorneys, extended their lease for 24,239 square feet. With a dramatic reception area featuring a view over Lake Michigan framed by the asymmetrical portion of the property’s top floors, Salvi, Schostok & Pritchard P.C. not only extended their 18,026-square-foot lease, but also added another 8,158 square feet for a total of 26,184 square feet. Additional law firm lease renewals included Phillips Law Offices and Cavanagh Sorich Law Group.

Leading a Central Loop revival: The intersection of technology, legal and financial services
Chicago’s Central Loop neighborhood, located just south of the Chicago Riverwalk and Wacker Drive, is experiencing a renaissance. Offering proximity to the city’s courthouses, the new Google center and the financial services artery of Chicago on LaSalle Street, the neighborhood surrounding 161 North Clark is becoming a new center of gravity for technology firms, financial services and law firms and their service providers. Google, with 2,000 employees set to come to work next door to 161 North Clark in 2026, is becoming a prolific next-door neighbor to 161 North Clark. Leading the high-profile renovation of the former Helmut Jahn-designed Thompson Center, Google is driving a soup-to-nuts transformation of the building to a new, 21^st Century design from the original architect’s legacy firm, Jahn/. At the same time, Central Loop momentum is also driven by Chase Tower renovation plans and rising interest from new and renewing tenants in the market.

About 161 North Clark
Built in 1992, 161 North Clark is an iconic, 50-story skyscraper located in the Central Loop area of downtown Chicago, just south of the Chicago River. Offering 1,068,877 rentable square feet of office space and ground floor retail, the property is LEED Gold certified, Energy Star certified, Green Globe certified and is a recipient of the BOMA Earth Award. The property is home to marquee tenants including Grant Thornton, Travelers Insurance and many Chicago based law firms.

For leasing information, please contact:
Jack O’Brien (jobrien@telosgroupllc.com), Matt Whipple (mwhipple@telosgroupllc.com), or JD Parcheta (jdparcheta@telosgroupllc.com) at Telos Group.

About Xroads Real Estate Advisors
Xroads Real Estate Advisors, Inc. is a full-service asset management and advisory firm that offers tailored options including property management, agency leasing, receivership, capital market strategies and back-office accounting services. With authentic expertise and a focus on intentional and intuitive solutions, its mission is to use its collective skills from ownership, lending and management experiences to become a trusted partner for lenders and owners, maximizing value and minimizing losses. For more information, please visit www.xroadsadvisors.com.

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