A leading player in student housing development is expanding its Chicago office space at a time when many companies are shrinking their office footprints.
Chicago-based developer Core Spaces, known for student housing and built-to-rent homes, has secured a long-term lease for 36,000 square feet in a three-story office building at 1400 North Kingsbury Street, tripling the space from the 12,000 square feet it leases in Bucktown, Crain’s reported.
Madison Rose’s Matt Pistorio and Abby McFadyen brokered the lease with Core Spaces.
Situated near Goose Island along the North Branch of the Chicago River, the property is part of a larger redevelopment by R2 Developments and Goldman Sachs.
Core Spaces will join Leapfrog Brands as a tenant in the building, which is now 75 percent leased. Printer’s Row Coffee also opened a shop there earlier this summer.
The developer plans to relocate next year.
While many companies are shedding office space to accommodate remote work trends, Core Spaces is encouraging in-person collaboration. Most of the firm’s 200 employees work on site four to five days a week, managing director Joe Gatto said.
The North Kingsbury lease is expected to complement Core Spaces’ culture, preserving the neighborhood feel of its Bucktown location, at 1643 North Milwaukee Avenue. Core Spaces prioritized this community-oriented atmosphere over the convenience of a downtown location, despite reduced access to public transit.
A $140 million build-to-rent project the developer had proposed in Glenview was rejected last year, but it is staying busy with developments in Sun Belt markets including Atlanta, Dallas and Nashville.
The firm’s founder and CEO Marc Lifshin is savvy in luxury residential real estate as well. He sold a lakefront Winnetka estate for $5.2 million in January, four months after he bought it for $4.2 million.
— Andrew Terrell
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