June 15, 2017
CHICAGO – Transwestern today announces it has been retained by Condor Partners to provide leasing services for Mural Park, located at 1901 and 1911 S. Sangamon St. in Chicago. The two 100,000-square-foot loft buildings in Chicago’s Pilsen neighborhood are being redeveloped into a mixed-use project that will include office, light manufacturing and retail space. Transwestern Senior Vice Presidents Jeff Dowdell and Katie Steele and Associate William Briggs are leasing the project, which will be ready for occupancy in first quarter 2018.
“Local businesses already know Pilsen as a vibrant community with a rich cultural history, so Mural Park has been designed to celebrate that identity while appealing to creative and modern users in search of space beyond the Loop,” said Steele. “Adding to its appeal, Mural Park can accommodate tenants looking for as little as 5,000 square feet to a single user needing the full 200,000 square feet, which is difficult to find in this area.”
As a pioneer in bringing more office choices to the Pilsen neighborhood, Mural Park will cater to existing Pilsen businesses as well as local start-ups and nonprofits. In raising the profile of the neighborhood as a destination for business, the development is also expected to draw tenants from other parts of the city, including those seeking proximity to the Illinois Medical District and University of Illinois at Chicago.
Amenities at Mural Park will include a restaurant, café, rooftop deck with unparalleled skyline views that can be reserved for tenant events, bicycle storage, and a dog-friendly environment. In addition, the aptly named development will feature murals in its community plaza in conjunction with the local National Museum of Mexican Art and other local artists. The plaza, which will host local art installations and year-round gardens, will be a featured destination along Chicago’s new Paseo trail, a 4-mile bicycle and walking “rails-to-trails” corridor connecting University Village with Pilsen and Little Village.
“We are excited to develop a project that respects the cultural and economic diversification of Pilsen while simultaneously creating job opportunities and public spaces that enhance the neighborhood. Pilsen offers a tapestry of cultural opportunities and is already a great place to live, work and play,” said Michael McLean, a Principal at Condor Partners. “It is quickly and easily accessible via public transportation and the Dan Ryan Expressway, and we are restoring two beautiful 100-year-old heavy timber buildings. Mural Park is the authentic home our city’s employers have been looking for.”
Businesses have been increasingly looking to Pilsen due to its talented, young workforce and lower cost compared to surrounding submarkets. Pilsen’s direct office asking rates are on average 30 to 50 percent less than asking rates in the West Loop. In addition, businesses are attracted to newly constructed space in Pilsen that allows for full-floor leases. Mural Park will answer that demand with efficient, 20,000-square-foot floor plates.
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Tenant Advisory, Capital Markets, Asset Services and Research, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 34 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern. For updates from the Chicago and Rosemont offices, follow @TranswesternCHI.
ABOUT CONDOR PARTNERS
Condor Partners is a national real estate development and investment firm founded in 2014 by Solomon Barket. In just three years Condor has over one million square feet under development in four asset classes in Chicago and St. Louis. At Condor we believe that creativity, smart thinking, challenging limitations and expanding paradigms is the ultimate key to success and prosperity. This belief is not just for us as a company but for all the partners and communities that put their trust in us. We aim to fly high. Visit www.condorpartners.net.
Rebecca Boykin, Taylor Johnson