Spec Loop office project developers land White Claw producer as latest tenant

But Moceri + Roszak still has more than 150K sf of space to lease at 145 S. Wells during a recession

Chicago /
May.May 13, 2020 10:13 AM
 Thomas Roszak and 145 S. Wells (Credit: Cgarner123 via Wikipedia and 145 South Wells)

Thomas Roszak and 145 S. Wells (Credit: Cgarner123 via Wikipedia and 145 South Wells)

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


Related Articles

arrow_forward_ios
Downtown Chicago
Downtown Chicago rents spike on supply shortage
Downtown Chicago rents spike on supply shortage
229 West Jackson Boulevard (Google Maps, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Hilton in Chicago’s Loop scores landmark tax incentive
Hilton in Chicago’s Loop scores landmark tax incentive
311 S. Wacker Dr. (LoopNet, iStock, Illustration by Shea Monahan for the Real Deal)
Recruitment firm doubles Chicago office space
Recruitment firm doubles Chicago office space
320 S Plymouth Ct (Google Maps, iStock)
Chicago’s storied Standard Club building has new owner
Chicago’s storied Standard Club building has new owner
Office building in Chicago’s North Center sells for $16 million
Office building in Chicago’s North Center sells for $16 million
Office building in Chicago’s North Center sells for $16 million
Kinship Capital tries again to sell 28-story Loop office tower
Kinship Capital tries again to sell 28-story Loop office tower
Kinship Capital tries again to sell 28-story Loop office tower
PR giant Edelman moving to JPMorgan’s Gogo Building
PR giant Edelman moving to JPMorgan’s Gogo Building
PR giant Edelman moving to JPMorgan’s Gogo Building
345 N Morgan Street and Havi Group CEO Frank Ravndal (Eckenhoff Saunders Architects, Havi, McDonald's)
McDonald’s vendor nears deal to move HQ to Fulton Market
McDonald’s vendor nears deal to move HQ to Fulton Market
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...