The Real Deal Chicago

CB2 moving HQ to R2 Cos. building on emerging Goose Island

Sources said retailer will ink lease for 40K sf
February 25, 2019 10:30AM

R2’s Matt Garrison and 1315 North Branch Street

CB2 is moving its headquarters from the Near West Side to an R2 Companies building on Goose Island, making it the latest firm to place a bet on the transforming industrial enclave.

The sister company of Crate & Barrel is taking space in the 140,000-square-foot warehouse at 1315 North Branch Street that R2 is converting into offices, according to Crain’s. Sources told The Real Deal the company is leasing 40,000 square feet in the building.

R2 is also working on a separate deal with the Hogsalt restaurant group for a dining and entertainment complex on another parcel on Goose Island, according to Crain’s.

CB2 and Hogsalt join a number of companies that are helping transform Goose Island, including R2 itself, which moved its Chicago headquarters from the West Loop to a renovated 55,000-square-foot building there. The Chicago developer has bet big on the island, buying a number of properties on or within sight of it.

Onni Group is looking to join R2 on the island as well, buying the site of a Greyhound bus maintenance building after a similar deal last year fell through. Onni reportedly has plans for as many as 1,000 residences there.

CB2 follows Crate & Barrel in making a move in Chicago. Crate & Barrel last year leased 117,000 square feet at 4000 West Diversey Avenue in the massive former Marshall Field’s warehouse complex on the Northwest Side now being redeveloped by Knickpoint Ventures. [Crain’s] — John O’Brien