Somerset Development Breaks Ground On Next Phase Of Bell Works Chicagoland: The Chicago Deal Sheet
Inspired by Somerset Development broke ground on the West Side of Bell Works Chicagoland, the next phase in the renovation of the former AT&T campus.
The renovation of the west side of the campus will open up more than 500K SF of new space, including 430K SF of traditional office. About 35K SF is dedicated to fully furnished suites for flexible short- and long-term leases, and 70K SF is devoted to retail. Completion is slated for the third quarter of 2026.
“This expansion reinforces the strength and scalability of the metroburb model as a future-ready approach to how we live and work outside major cities,” company CEO Ralph Zucker said in a press release.
PEOPLE
Bradford Allen named Ben Azulay president of brokerage services, responsible for building the firm’s tenant and landlord representation business for office, retail and industrial assets across the country. Azulay joined the firm in 2004 as an associate and was promoted three times before becoming president.
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Leopardo Construction promoted Kaylee Knorr to director of business development, aviation. Since joining Leopardo’s aviation team, Knorr has helped develop its growth strategy and built client relationships.
LEASES
Quarles & Brady relocated its Chicago office to 155 North Wacker. The company is taking up about 56K SF on the 32nd and 33rd floors of the building — about 13% more space than at its previous location.
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Livingstone Partners has signed a 13K SF lease at 311 W. Huron St. The company plans to move its Chicago office from another downtown location and expand its space. Madison Rose's Matt Pistorio, Adam Pines and Abby McFadyen represented Urban Innovations in the deal, and CBIZ Gibraltar Real Estate Services' Bill Main and Noah Turner represented Livingstone.
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Habitat fully leased the apartments in the second phase of 43 Green, a mixed-income, mixed-use community at 4309 S. Prairie Ave. in Bronzeville. The 10-story building features 80 apartments, 44 of which are designated as affordable.
SALES
Greenstone Partners completed the sale of 2375 Cabot Drive, a 37K SF life science and headquarters facility fully leased to the Water Quality Association in Lisle, for $5.4M. WQA signed a 12.5-year lease in 2020, with annual rent escalations of between 3% and 4.5%, reflecting its long-term commitment to the location.
FINANCING
Concord Summit Capital arranged $25.1M in bridge financing for The Archer, a 68-unit multifamily property at 1211 N. LaSalle St. in Gold Coast. The funding enabled an existing limited partner to acquire full control of the asset from the general partner and initiate a renovation of the remaining units. Concord Summit Managing Director Daniel Eidson and Senior Analyst Ben Applebaum sourced the financing on behalf of sponsor YK Investments.
