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Next Realty appears to be finding opportunity in losing a retail anchor. An eight-story building in River North, formerly home to a Sports Authority, is being marketed with two distinct options, according to DNAInfo Chicago.
Next Realty hired a broker to either market the building at 620 North LaSalle to new office and retail tenants, or it could be sold, demolished and replaced with a 17-story office tower. Having an office component in either scenario is smart, given River North's dual status as one of downtown's busiest office submarkets and a desirable destination for tech firms.
What also makes the building an attractive asset is the multifamily activity surrounding it. JDL Development's Six Forty at 640 North Wells, Mac Management and Magellan Development's Gallery on Wells at 167 West Erie, John Buck's 3Eleven at 311 West Illinois, Centrum Partners' Hubbard 221 at 221 West Hubbard, and Cedar Street's Flats Chicago River North at 676 North LaSalle are all within walking distance of the building.
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