Sumitomo Corporation of Americas (SCOA) has acquired two floors of retail space at 203 North LaSalle street in Chicago, a Class A office tower in Chicago’s Central Loop District. SCOA purchased already acquired the office space, on floors 13 through 27, in April of 2014. According to a statement from the company, this is the first step in positioning the building for redevelopment and attracting new tenants.
“This building has parking and access to six train lines which are enormous assets and have traditionally made it a part of the daily route for commuters. By renovating the retail, adding amenities, and lightening up the space with the help of talented architects, we will make the space even more of an attractive, comfortable and pleasant place to work. We want to make it a destination, and create a place where people want to linger,” said Tomonori Wada, General Manager, SCOA.
The redevelopment plan will combine the aesthetics of the office and retail space into a cohesive space. This spring, SCOA will start renovations to the lobby entrance, retail and amenities which will include over 8,000 square feet for the fitness center, a 1,000 square foot tenant lounge, and a new 3,500 square foot conference facility where tenants can hold conferences and events.
“When we first purchased the building, we recognized an opportunity to create value by diversifying the tenancy base in the planned lease-up,” said Robert Obringer, Vice President, SCOA. “This added retail component brings all the pieces together and gives us a tremendous opportunity to distinguish the building in the marketplace.”
The 203 North LaSalle office tower was originally designed by architectural firm Skidmore, Owings & Merrill, and includes a spectacular 12-story interior atrium that creates a pleasant environment with natural sunlight. Its proximity to River North makes this one of downtown Chicago’s premier buildings, due to its central location and an array of features and amenities that appeal to today’s tenants. The building also has 24-hour on-site security, an emergency generator, advanced life-safety systems and indoor access to the 1,200-stall parking garage. The property achieved LEED Gold certification and an Energy Star label.
Rendering courtesy of Sumitomo Corporation
Photo courtesy M&J Wilkow