R2 COs Developing 200k SF of Lincoln Park Office Space
R2 COs, already busy redeveloping properties on Goose Island, is expanding into Lincoln Park. The adaptive reuse specialists bought a 110k SF building at 860 W Evergreen, and an adjacent one-acre parcel at 1422 N Kingsbury, according to Crain's.
R2 managing principal Matt Garrison says the group will build a new mixed-use development on the Kingsbury lot, and connect it to the current building on Evergreen. R2 also hopes to build a bridge for pedestrians and bicyclists over the Chicago River, connecting these properties to R2 assets on Goose Island. Garrison estimates the project will cost $50M.
R2 is one of several companies buying older industrial assets on Goose Island and Lincoln Park, and repositioning them into office space. Garrison says demand for quality office space exceeds supply.