equity. The loan was provided by a bank and the mezzanine
equity was funded by an insurance company for whom
NorthMarq is a correspondent.
CBRE’s Mark Krison and Brad Anderson brokered the lease
with the owner of the 200-acre Park Place business park,
Douglas Allred Co. To serve as the headquarters of Northrop
Grumman’s Launch Vehicle Division, the build-to-suit consists
of a three-story, class A office building of 356,000 sf and a
261,000-sf manufacturing facility.
The Chicago area was a hotbed of activity in the Midwest
region, starting with Salesforce’s announcement towards the
end of the year that it will build Salesforce Tower Chicago, a
57-story set to deliver in 2023. The future Salesforce Tower
Chicago will be located on the Chicago riverfront, in the
planned third and final tower in the Wolf Point development
on the site formerly known as Wolf Point South. Designed by
award-winning architects Pelli Clarke Pelli, and developed by
the Kennedy Family and Hines, Salesforce Tower Chicago will
be in the heart of the city’s River North neighborhood.
Brad Serot, Paul Reaumond and Mark Cassata of CBRE represented Salesforce in negotiating the lease with the landlord.
The company expects to pay $475 million over 17 years to lease
the space, according to a filing with the Securities and Exchange
Home Depot inked the largest industrial lease in the second
quarter, taking an entire 588,233-sf warehouse at 525 Northwest
Ave. in Chicago’s Northlake. The speculative building, which
had been vacant since its completion in 2015, is centrally
located close to the U.P. Rail East-West Transcontinental Line
and has the potential for a Union Pacific railway.
McDonald’s is relocating from suburban Oak Brook to 110 N.
Carpenter in the Fulton Market neighborhood of Downtown
Chicago. Nearly 2,000 corporate employees will occupy roughly
80% of the office space, leaving roughly 40,000 sf for retail. The
600,000-sf facility will also house a “Hamburger University,” for
the company’s future franchise owners.
DLA Piper’s Richard Klawiter and Katie Deal represented
Sterling Bay with the zoning for the building. According to
Chicago Mayor Rahm Emanuel, the project generated $3.2 million for a fund created to rebuild impoverished neighborhoods.
COMMERCIAL REAL ESTATE
DEBT & EQUITY | INVESTMENT SALES | LOAN SERVICING
NorthMarq proudly congratulates the Project
Teams of Conway Center and Northrop
Grumman Innovation Systems’ Campus
for being recognized in Real Estate Forum’s
Top Deals and Dealmakers of 2018 issue.
110 N. Carpenter