Bisnow Exclusive: A Look Inside 515 N State
The American Medical Association left behind a ton of space at 515 N State when it moved to 330 N Wabash in 2013. But owners Beacon Capital, Ivanhoé Cambridge/Callahan Capital Properties and the building’s new leasing agent, MB Real Estate, are confident that significant renovations and upgrades will soon attract tenants. We toured 515 N State, site of Bisnow’s 4th Annual Creative Office event, 7am Jan. 28, with our panelist MBRE SVP Sara Spicklemire.
The Beacon Capital-led JV initiated a $20M capital plan that will modernize the 656k SF building to attract new tenants. There’s a lot of space to work with: the newly dubbed FiveOneFive has 350k SF of contiguous space demo'd and ready to lease.
Pictured: FiveOneFive’s 20k SF lobby as it looks today and what it will look like after the project's completed. Sara says the north side of the lobby will become retail, including fast-casual lunch options for workers. Breakout areas and seating will be along the south end and the lobby will have WiFi throughout. An outdoor plaza adjoining the south end will be activated this summer. The security desk will be moved to the front of the lobby, new lighting will be installed to create a more intimate feel by reducing the scale of the ceiling height, and the wall in the photo will be rehabbed to become a media wall.
Here's the building’s second floor, which will house the upgraded amenities in the FiveOneFive amenity loft. Sara says this 20k SF space will offer a premier suite of amenities and services to engage and energize overall tenant experience, including a full-time concierge and a 140-person conference room.
Here's another look at the second floor, facing north. This area will house a tenant lounge, screening room and hospitality bar. The tenant lounge will lead to a renovated rooftop deck.
This is FiveOneFive’s rooftop as it looks today, and its future rooftop deck once the renovations are completed. A full-service fitness center will be along the northeast side, with high-end locker rooms complete with saunas. The goal is to hit the ground running to deliver the new amenity space in Q2. Additionally, a full-floor, fully furnished spec suite will be built to attract prospective tenants. Ownership is taking its cues for the spec suite's design from the repositioning of the Chicago Athletic Association hotel. Beacon’s asset manager, Jason Rascoe, says FiveOneFive has always had a timelessness to its architecture, but the lobby and amenity improvements will make the building highly desirable for the next generation of tenants. To learn more, please attend Bisnow’s 4th Annual Creative Office event, 7am Jan. 28, at 515 N State. Register here.