The West Loop has two big changes happening at 500 W. Randolph block. New York investment trust W.P Carey plans to build a 100,000 square foot establishment at 150 N. Clinton Street. The development will happen on a vacant lot which happens to be next to their 7-story loft building. W.P Carey has been a longtime office landlord in the area and currently occupies the 550 W. Randolph Street building. This property is 227,500 square feet and only has had 1 occupant for 30 years, IRI Data Analytics firm.
Once IRI lease expires at the end of 2020, W.P Carey will begin massive renovations and make the building more modern for potential tech companies to occupy after completion. A spokesperson for the company claims that they will break ground early 2021 and finish by end of 2021. A new tenant should be announced before completion. An additional feature to the building will consist of a rooftop deck. Marketing to potential tenants has already begun.
Next door to the development at 564 W. Randolph, is a seven-story building owned by PRG, is up for sale. It’s currently 70% leased since the Starbucks regional office and law firm departed. The building is very attractive to investors and there are currently two-floors vacant, which will leave room for landlords to charge higher rents and make good profits. The retail space on the bottom level which was renovated in 2011 is another advantage of the building.