In 2018, multifamily developers Dan Moceri and Thomas Roszak decided the risk was worth it.
With an ultra-rare vacant plot in the heart of the Loop, the architect-development team pulled the trigger on constructing a 20-story office building entirely on spec. Despite the overall strength of the downtown office leasing market, the developers only landed one tenant for 145 S. Wells St., inking shared office space provider Firmspace to a 35,000-square-foot deal earlier this year.
And now, with the economy all but shut down and prognosticators foretelling a commercial real estate crash, Moceri + Roszak has signed a lease deal for 12,600 square feet with Mark Anthony Brewing, according to Crain’s.
The company, which produces White Claw hard seltzer and claimed a projected $4 billion in revenue for 2020, provides a glimmer of hope for the developers, which acquired the site for $7.1 million in November 2016 and later landed a $71 million construction loan from pension fund manager Multi-Employer Property Trust.
According to Crain’s, Moceri + Roszak must fill more than 75 percent of the 210,000-square-foot building during a recession, with competition coming from other new product downtown as well as a growing sublease market.
Mason Taylor and Chris Cassata of JLL represented the owners in the Mark Anthony lease. [Crain’s] — James Kleimann