Chicago, IL –The Alter Group www.altergroup.com is partnering with White Oak Realty Partners LLC whiteoakrp.com to develop a 20-story, 435,497 RSF office building at 625 West Adams Street in Chicago’s West Loop. Michael J. Alter, President of The Alter Group, and Richard Blum, Managing Principal of White Oak Realty Partners, announced the development.
The building, which will be located on land owned by Old St. Patrick’s Church, is currently a parking lot at the southeast corner of Adams and Des Plaines Streets,” said Tom Saletta, Principal, White Oak Realty Partners. “The project will include a 400-car parking garage and a community center serving Old St. Pat’s, which will have the potential to seat as many as 800 people on the first two levels. The building was designed by Martin Wolf, FAIA, Design Principal/Senior Vice President with Solomon Cordwell Buenz and Associates in Chicago.”
“By developing 625 West Adams Street, we will bring Class A space to a proven office market within walking distance of the Ogilvie Transportation Center and Union Station at a time when several major tenants are looking for substantial space in a top-quality building when no large blocks of space are currently available,” Saletta said. “The building is uniquely positioned to attract the sophisticated, cost-effective corporate user that understands the numerous economic benefits of being in a high-performance office building with large floor plates. The involvement of Old St. Pat’s Church – a neighborhood landmark that survived the Chicago Fire of 1871 – assures a high profile for this project that is likely to appeal to prospective users.”
The Alter Group is a national corporate real estate development firm of office, industrial and healthcare facilities. Additionally, the firm provides comprehensive services in brokerage, construction, investment services, and property and asset management.
Founded by William A. Alter in 1955, The Alter Group has developed close to 100,000,000 SF of speculative projects for its own portfolio and build-to-suit facilities for corporate users. This year, the company has 4,000,000 SF of space, worth $600,000,000, under development in national markets. NAIOP, the Commercial Real Estate Development Association honored The Alter Group with its prestigious 2010 Developer of the Year award. Additionally the firm was recently ranked as # 3 in the National Real Estate Investor survey of America's top office developers.
White Oak Realty Partners, LLC, is a privately held, fully integrated acquisition and development firm focused on the investment and management of high net worth and institutional capital in targeted CBD and select suburban office, apartment, and retail investment opportunities. The building is being marketed by Tom Saletta of White Oak Realty Partners.