CHICAGO, Sept. 26, 2016 – A joint venture between investment advisor DRA Advisors LLC and M & J Wilkow, Ltd. has appointed Cushman & Wakefield as the exclusive leasing agent for One East Erie, a 125,922-square-foot office and retail property located in the heart of Chicago’s River North district.
A Cushman & Wakefield team led by Executive Director Barb Schenberg, Senior Director Jack McKinney Jr. and Director Teddy Walsh will market the available space to prospective tenants.
“One East Erie is an outstanding mixed-use property in one of Chicago’s most vibrant downtown locations,” said Tim Shields, Senior Vice President of Acquisitions and Asset Management for M & J Wilkow, Ltd. “We’re confident that partnering with Cushman & Wakefield will help us achieve our vision of maximizing value for this property using best-in-class leasing coupled with our strong asset and property management expertise.
DRA Advisors and M & J Wilkow closed on the acquisition of the six-story building in August. Situated at the bustling corner of Erie and State streets, One East Erie is currently 80% leased offering 109,783 square feet of office space, 14,853 square feet of ground floor retail and 204 parking spaces. The ownership has established a significant capital improvement plan for the property, which will include upgrades to the main lobby and multitenant corridors, the addition of new ready-to-lease spec suites and enhanced ground-floor retail offerings.
“One East Erie’s prime, amenity-rich and transit-oriented location offers tenants a unique opportunity to operate their business in one of Chicago’s most desirable areas,” said Schenberg. “The additional improvements planned for the building will create an even more compelling value proposition for present and future tenants.”
According to Cushman & Wakefield Research, River North is the tightest traditional office submarket in Chicago with a dwindling 10.9% vacancy compared to 12.4% for all of downtown Chicago and rents that have risen 10.4% year-over-year. This latest assignment brings the firm’s Chicago area portfolio of leased office properties to 19.5 million square feet.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About DRA Advisors
DRA Advisors LLC is an investment advisor specializing in real estate investment and management services for institutional and private investors. DRA has over $9.8 billion in assets under management. Since 1986, DRA’s focus has been consistent: conservative, value-added real estate investments in the office, retail, multi-family and industrial sectors in the United States. DRA’s acquisitions since inception include 1,200 properties valued at over $27 billion. Visit http://www.draadvisors.com for more information.