Hilco Redevelopment Partners Selects Cushman & Wakefield as Exclusive Leasing Broker for New Exchange 55 Project; Expected Delivery Q1 2020
CHICAGO, November 8, 2018 – Cushman & Wakefield has been selected as exclusive leasing broker for Exchange 55, the largest new industrial development available in Chicago. The Planned Development is approved, which means the site is fully entitled and zoned for industrial. Exchange 55 will break ground immediately, with delivery expected in Q1 of 2020.
Developed by Chicago-based Hilco Redevelopment Partners, Exchange 55 offers up to 1,054,852 square feet (SF) of state-of-the-art warehouse space and is divisible to suit tenants of many types and sizes.
Ideal for a wide range of uses and offering size flexibility, Exchange 55 will attract tenants across eCommerce, last-mile, food and cold storage, manufacturing, 3PL, warehouse, distribution, rail and heavy power users. The development will include a modern, sustainable design; 40’ clear height; 70’ speed bays; multiple access points; full truck circulation; and ample trailer and employee parking, with options for parking expansion.
Future tenants will benefit from exceptional access to Chicago’s vast population of customers and end users and the area’s concentrated labor pool. The Little Village neighborhood is a strategic Chicago submarket that is also one of the strongest nationally for providing a talented workforce.
Little Village also boasts a robust transportation infrastructure including intermodal railyards, Canadian National rail service, an “L” train station and barge access. With CTA bus stops at its door, Exchange 55 is adjacent to the full Pulaski interchange at I-55, offering a 10-minute drive to many of Chicago’s most densely populated downtown neighborhoods. The development also has excellent proximity to four intermodal yards, all located within a 7.5-mile radius:
- Just less than one mile and a three-minute drive time to BNSF Corwith at W. 39th & S. Kedzie Ave.
- Seven miles and an 18-minute drive time to Norfolk Southern at W. 47th & S. Shields Ave.
- Six miles and an 18-minute drive time to CSX at W 59th St & S. Western Ave.
- Four miles and a 12-minute drive time to UP Global 1 at S. Western Ave. & Roosevelt Rd.
“Exchange 55 offers a strategic landscape for eCommerce, logistics and intermodal freight. This development will ensure Chicago maintains its position as one of the most competitive distribution and manufacturing centers in the world,” says Larry Goldwasser, Managing Director, Cushman & Wakefield. “With more than 90% of the target workforce within a 30-minute commute and immediate access to the amenities Little Village has to offer, we expect high demand from some very formidable tenants.”
About Hilco Redevelopment Partners:
Hilco Redevelopment Partners (“HRP”) provides a single integrated solution to maximize the value of obsolete industrial sites by leveraging Hilco Global’s unique capabilities to efficiently remediate, recycle, and redevelop complex assets and liabilities. As the industry leader in successfully completing large industrial redevelopment projects, HRP is a trusted partner and principal investor focused on finding, reimaging, and redeveloping sites into state-of-the-art warehouses, fulfillment centers, and other industrial facilities located near major transportation hubs, ports, and other strategic infrastructure assets to create supply chain efficiencies for end users. HRP (www.hilcoredev.com) is part of Northbrook, Illinois based Hilco Global (www.hilcoglobal.com), the world’s leading authority on maximizing the value of business assets by delivering valuation, monetization and advisory solutions to an international marketplace. Hilco Global operates more than twenty specialized business units offering services that include asset valuation and appraisal, retail and industrial inventory acquisition and disposition, real estate and strategic capital equity investments.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter