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Newmark Grubb Knight Frank (NGKF) has been appointed as the exclusive leasing agent for the former Allstate Insurance building located at 3245 W. Arthington Street in Chicago. Owned by Royal Imperial Group, the property will undergo an extensive redevelopment with sizable capital improvements, and will henceforth be known as Westgate Tower.
Westgate Tower is a 300,000-square-foot building located in the Homan Square neighborhood of Chicago. Built in 1948 for Allstate Insurance, when the company was part of Sears, it sits on the east end of the retailer’s former West Side campus. The 11-story, brick façade building was designed by the renowned architectural firm Carr & Wright and, at the time, was the first multi-story building constructed in Chicago after the start of World War II, offering a rare example of immediate post-war modern construction. Although the property was recently listed on Preservation Chicago’s “Chicago 7” list of most endangered structures, Royal Imperial Group recognized its redevelopment potential.
Westgate Tower is located minutes from downtown, less than a mile from the Illinois Medical District, and provides easy access to the Eisenhower Expressway, the CTA train and bus lines. It is encompassed by a myriad of new schools and residential developments, including a new charter school, day care center, community center and 300 housing units. The capital improvements to Westgate Tower will include the addition of a rooftop deck, sky lounge, customizable exercise, recreational and lounge areas, new elevators, building systems, finishes, and ample on-site secured parking. The property also features 27,000-square-foot rentable floor plates. NGKF’s Ted Prillaman, senior managing director, will lead the brokerage team.
“The neighborhood of Westgate Tower has experienced a renaissance of development,” said Prillaman. “This is a unique opportunity for a tenant to lease a historic Chicago property within a booming community with easy access to the city without the downtown prices. Furthermore, the redevelopment by a successful and stable ownership group strengthens the building’s position within the market; and when combined with the location and renovations, will bring Westgate Tower to its full potential.”
Royal Imperial Group is finalizing additional transformative developments in Homan Square - one of them being a 181-unit apartment building under construction. Additionally, the nearby Illinois Medical District is moving forward with a $300 million mixed-use development (hotel, retail, residential, and parking), and Eco Development is completing a 150-unit mixed-use development (houses, townhomes, and condos) to be named Eco Square.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 330 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.