An Update on the Southwest Loop
We’ve had our eyes on the Southwest Loop for quite some time. We already mentioned this booming corner of the loop in our Up-And-Coming Chicago Neighborhood Guide, but with the extent of recent activity, we decided this part of the loop deserved its own dedicated post. Here’s what you can expect to see in the Southwest Loop soon.
Major Moves in the Renovated Post Office
Big names are expressing interest or have already committed to leasing in the Old Main Post Office, which is being redeveloped into modern office space. In fact, major players like Walgreens as well as Home Chef, one of the most rapid growing private companies in America according to the Inc 5000, are making this reinvigorated post office home to thousands of employees. Among these big names, there are also quite a few notable leases such as Ferrera Candy and the Chicago Metropolitan Agency for Planning. Uber just inked a lease for 450,000 rsf, making it the ride service’s second largest in the country to its HQ in San Francisco. It’s even rumored that Cisco is eyeing this property as well. This old post office is well on its way to filling up their leases.
The Cook County Hospital Mega Development
Another Chicago classic, the old Cook County Hospital, is also a top contender for commercial real estate. This landmark building has been around for more than a hundred years and after 17 years of being abandoned, will be undergoing a nearly one billion dollar renovation. On the outside this old building doesn’t look like much, but once the renovations and redevelopment are complete, this former hospital will be home to massive amounts of office space, apartment buildings, two Hyatt hotels and ample retail space.
It’s no secret that with all of these developments, leases are filling up fast in the Southwest Loop. Now is the time to make a move. If you are interested in getting in on this hot corner of the loop, check out our guide on how to lease in new developments, and feel free to contact one of our expert brokers for help with any of your leasing needs.