Chicago, IL

Covered Land Play | Re-Development

2401 w. grace street | Chicago, il

  • Property Type

    Single-Tenant Office Re-Development

  • Size

    93,000 Square Feet

  • Key Tenants

    AT&T

  • Date Closed

    April 2018

  • Transaction Value

    $14,000,000

THE ASSET

  • Legacy asset which has been occupied by AT&T and its subsidiaries for over 50 years.
  • Currently leased to AT&T where they operate a call center with 500 employees.
  • $8 million interior capital improvement/renovation.

THE OPPORTUNITY

  • Site is currently zoned mixed-use with a F.A.R that would allow for 200,000 SF of building GLA.
  • If AT&T were to vacate, the site could be redeveloped in several ways including re-purposing the office building, developing a mixed-use project with retail and multi-family, or converting the building to a self-storage facility.

FREE STANDING

  • AT&T has approached us to explore a long-term lease extension and in exchange Echo would construct a 250-300 stall freestanding parking structure.
  • Pre-design has begun on the parking garage with an anticipated date of completion 12 months from groundbreaking.