Chicago Cheat Sheet: 601W off to hot start to Old Post Office leasing…& more

Also, another Silicon Valley firm takes more space Downtown
June 19, 2019 05:00PM

A rendering of the Old Main Post Office (Credit; Gensler)

A rendering of the Old Main Post Office (Credit; Gensler)

Old Post Office redevelopment filling up

601W Companies said it’s well ahead of schedule in finding tenants for its Old Post Office redevelopment. The New York developer said it had hoped to have the 2.5 million-square-foot complex 90 percent leased by the end of 2021, but now expects to hit that target well before. 601W said it expects the building to be 75 percent leased in just the next six months. A number of high-profile tenants have been inked or are in talks to take space in the building, including Walgreens, Cisco, Uber and Ferrara Candy. [Crain’s]

Silicon Valley firm signs West Loop lease

Verifone inked a lease for an entire floor in a West Loop office building. The maker of point-of-sale payment technologies will take 27,000 square feet on the 11th floor of 601W Companies’ 550 West Jackson Street. That will be double its current space at 300 South Wacker Drive. Verifone was represented in the lease negotiations by Colliers International’s Andrew Gooliak, Nick Polsky, Romy Zeid and Evan Djikas. 601W recently launched a $12.5 million overhaul of the building. [Bisnow]

Holiday Inn could become substance abuse treatment center

A nonprofit substance-abuse treatment center plans to open a behavioral health complex in an Itasca hotel. Chicago-based Haymarket Center will buy the Holiday Inn at 860 West Irving Park Road and convert it into a roughly 200-bed facility. The nonprofit would spend $1.5 million remodeling the hotel into an inpatient and outpatient care center. [Daily Herald]

Advocate eyes expanded Lakeview health care campus

Advocate Aurora Health plans a $40 million behavioral health and pediatric development center in Lakeview. The Downers Grove-based hospital chain is asking the state to approve a four-story, 52,000-square-foot outpatient facility at 901 West Wellington Avenue near its Illinois Masonic Medical Center. Advocate Aurora Health would tear down an existing facility on the site for the new building, which could be finished in two years. [Crain’s]

South Elgin getting new tallest resi building

Synergy Construction Group plans to start work later this summer on a what will become the tallest residential building in South Elgin. The $19.3 million Panton Mill Station complex will have 100 one- and two-bedroom apartments when it opens later this year at 355 North La Fox Street. The Chicago developer also will build a band shell in nearby Panton Mill Park, which the village is in the process of overhauling, along with a nearby bus stop shelter. Synergy is getting up to $2.5 million in tax increment financing money from the village over the next eight years. [Daily Herald]