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Optima Opens Up Business Suites In New Apartment Tower

A lounge for business suite users at Optima's Signature Tower

The markets for luxury multifamily and coworking have gotten quite crowded, and many developers are looking for ways to give their properties a distinctive touch.

Optima Inc., the developer of Optima Signature, a 57-story apartment tower in Chicago’s Streeterville neighborhood, just unveiled a set of fully furnished commercial office suites available to both residents and nonresidents who want office space near the Magnificent Mile. The trend of building coworking space in multifamily has been accelerating around the country. 

Nonresidents who choose an Optima office over the more traditional coworking spaces popping up across downtown will also gain access to the luxury development’s three-floor amenity space. 

“A lot of coworking providers base their appeal on proximity to other amenities, but we’re offering amenities here on-site,” Optima Senior Vice President Mark Segal said.

Like most luxury apartment communities recently built near downtown, the Signature tower offers resort-style amenities such as indoor and outdoor heated swimming pools, cabanas and bars, several fitness centers, basketball and bocce ball courts, a 40-yard running track, a dog park and much more.

The 490-unit development at 220 East Illinois St. opened in June 2017, and has an occupancy rate of 96%, Segal said.

Optima is leasing 22 office suites, which range from 200 SF to 720 SF and feature mini-fridges, built-in cabinetry and window treatments. Users also have access to a shared kitchen and dining area. Rent ranges from $1K to $2,400 per month. 

The company created similar office suites at Optima Chicago Center, an adjacent 42-story tower that opened in 2013. Edge Principal Advisors bought the property last year for $155M, one of 2018’s largest apartment deals.

Segal said that building’s offices were occupied by a mix of nonresidents and residents, who saw the suites as one more amenity.

“Some people who run their own businesses prefer to have a dedicated workspace, rather than working in their apartment.”

Recent data from the U.S. Census Bureau shows 8 million people, or about 5.2% of workers, worked at home in 2017.