September 6, 2022 12:00 PM
Newmark announces the 6,000-square-foot retail lease with entertainment destination and premier live music venue, The Back Room, at 318 North Carpenter Street in the Fulton Market area of Chicago, Illinois. Newmark Senior Managing Director James Schutter, Managing Director Larry Kling and Associate Nick Garlick serve as exclusive leasing agents for the property, representing the building owners, a joint venture between Murphy Real Estate Services and Creek Lane Capital, on the transaction.
This lease represents the relocation of The Back Room from 1007 North Rush Street to its new home at 318 North Carpenter Street. The Back Room, a well-established influencer in Chicago’s music culture for 50 years, attracts the finest live entertainment performers regionally, nationally and globally. Located in the heart of Fulton Market, 318 North Carpenter Street is an eight-story, 95,445-square-foot boutique office property with ground-level retail. Retail features include signage opportunities, 15-foot ceiling height, nine-foot by 12-foot storefront glass and outdoor seating along Carroll Street.
The building is situated directly across the street from Google’s Chicago headquarters, proximate to Chicago’s world-renowned Restaurant Row. The immediate area sees more than 20,000 visitors per day. The location is easily accessible to public transit with both a Green Line and Pink Line CTA stop within two blocks of the building.
“The Back Room is a venerable name in the Chicago music scene,” said Schutter. “We are excited to bring such a well-respected institution to the building to activate this prime retail space.”
About Murphy Real Estate Services
Murphy Real Estate Services (MRES) generates development opportunities in the multifamily, hospitality and office sectors across the country. The development team at MRES identifies, evaluates, and executes projects by combining sound financial modeling, economic analysis, and entrepreneurial creativity. Over the last decade, MRES has successfully completed over 2.5 million square feet of new development. MRES is currently leading the development of Harrison Square in Chicago, a $1 billion multi-phase development within the Illinois Medical District, which includes the redevelopment of Old Cook County Hospital; is currently developing Michigan State University’s Grand Rapids Innovation Building; is completing the renovation and rebranding the Holiday Inn Mart Plaza connected to Chicago’s 4 million square foot Wolf Point project and are planning the development of two new office towers in downtown Chicago. Other projects include Lincoln Park 2550, The Paragon Chicago apartment tower, Hyatt Centric Chicago “The Loop”, the Chicago Motor Club redevelopment into a Hampton Inn and the Oriental Theatre redevelopment into a Cambria Hotel. For more information, visit www.murphyres.com.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.2 billion for the twelve months ending June 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,500 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.