NAI Hiffman represents ownership in sale and leasing of InterPark Corporate Center
CHICAGO, IL (May 30, 2018) – NAI Hiffman is pleased to announce the recent sale of 8601-8623 W. Bryn Mawr Avenue and 8600-8622 W. Catalpa Avenue in Chicago, IL. Jonathan Berger of Berger Asset Management LLC, purchased the ofﬁce complex from AREI (InterPark), LLC with the plan to revitalize and reposition the asset. NAI Hiffman was the sole broker in the sale, which was completed through the NAI Hiffman team of Executive Vice President John Cash, Senior Vice President Art Burrows, and Vice Presidents David Haigh and Steve Chrastka.
InterPark Corporate Center is a 12-building, 165,000 square-foot, single-story ofﬁce complex situated on 7 acres, located in the O’Hare ofﬁce submarket, that fell into foreclosure after an attempt was made to convert half of the site into a 400-unit apartment complex. AREI (Interpark), LLC retained the services of NAI Hiffman to manage the existing tenant base and sell the property, which at the time, was only 40% leased. In April of 2018, Berger acquired Interpark from AREI. Vice President Steve Chrastka and Senior Vice President Jason Wurtz of NAI Hiffman have been retained by the new owner to oversee the leasing efforts. “We have a unique opportunity to offer a tenant up to 80,000 square feet of space in a campus-like setting that is both in Chicago and steps away from the Blue line to O’Hare International Airport and downtown Chicago,” says Vice President Steve Chrastka. “Single-story ofﬁce parks don’t typically focus on an experience or culture for its tenants. This ownership is going to change that by adding a ﬁtness center, conference and lounge space, and bike share program. They want to create a unique workplace environment that all tenants from seasoned professionals to next generation millennials, will be proud to be in.”
Berger is focused on the transportation opportunities of the location. “The site has tremendous access to expressways and public transportation, including the CTA Blue Line and several Interstates. There is a limited supply of options for companies to lower occupancy costs with the ability to offer a great work experience in the O’Hare submarket.”
Ware Malcomb was retained by Jonathan Berger to lead the rebrand of the campus and make his redevelopment vision a reality. The asset formerly known as InterPark Corporate Center will now operate as “Concourse Chicago”, tying together the abundant transportation amenities and the excellent O’Hare location. Jonathan Berger, no stranger to property redevelopment, brings passion and an innovative approach to repositioning and reinvigorating real estate assets. Most recently, his organization redeveloped a vacant 50,000 square foot building in Highland Park, IL, which is now occupied by Tesla Motors.
“Concourse Chicago, located at the intersection of transportation, entertainment, and commerce, will offer tenants a unique, high-tech campus-like setting. The team is also planning to develop public spaces within the campus along with new buildout concepts for existing tenants and new speculative suites for lease,” says Berger.
This new setting will offer tenants an opportunity for a fresh start with new progressive ofﬁce designs, while inspiring a culture of engaged minds. The buildings are divisible and will provide ofﬁce solutions to tenants ranging in size from 900 to 80,000 square feet. Berger anticipates that the property’s upgrades will be complete and ready to welcome new tenants in the Fall of 2018.
About NAI Hiffman
Comprised of more than 160 real estate professionals, NAI Hiffman provides leasing, management, investment sales and capital markets representation for owners and occupiers of commercial real estate in the Chicago metro market. It currently leases and manages an 80+ million SF portfolio of over 700 commercial properties throughout metropolitan Chicago, Northwest Indiana and Southeast Wisconsin. NAI Global ofﬁces are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 ofﬁces strategically located throughout the world, with 7,000+ local market professionals, handling over $20 billion in transaction value and managing 425+ million SF of property. For more information, please visit www.naihiffman.com.