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New coworking concept, Venture X, takes down full floor at Mid America Plaza7 May 2021
Avison Young leverages strong suburban demand and significant capital improvement projects within the property to complete more than 66,000-sf of leases in the last 12 months
Chicago, IL – Avison Young announced today that suburban Chicago agency leasing specialists Fred Ishler and Paige Korte completed a full-floor, 23,704-square-foot (sf) lease transaction with emerging co-working operator, Venture X, within 1 Mid America Plaza in Oakbrook Terrace.
Ishler, Principal, and Korte, Associate, negotiated the transaction on behalf of the Landlord, IPX Mid America Investors, LLC, an affiliate of Equus Capital Partners, Ltd. The Venture X lease comes on the heels of more than 42,000 sf of additional leasing activity within the property after a recently completed $12-million capital improvement project that included reimagined common areas, upgraded amenity spaces and significant base building improvements.
In addition to the highly-amenitized package, Venture X says they were also drawn to the convenient location following a trend already in motion of individuals and families moving to the near city suburbs. With priorities changing regarding work/life balance and the pandemic accelerating this suburban trend, the growing organization felt the corner of Route 83 and 22nd Street in Oakbrook Terrace was a good place to plant their Chicago flag.
“This migration is chasing more living space, privacy, and safety; and Oakbrook Terrace is a business-friendly town filled with potential corporate satellite space, as well as individuals not looking to make the timely and stressful commute everyday into downtown,” says Preston Reiff, a Partner with Venture X based in Chicago. “In order to provide that to our clients, Mid America Plaza was an obvious choice offering a secure space with high design, high flexibility, and great functionality.”
Venture X has approximately 40 locations across the United States, this is their first location in the Chicago area. The co-working operator is expected to occupy the space August 1, 2021.
“We’re excited to add Venture X’s state-of-the-art coworking concept to our tenant roster,” commented Evan Danner, Vice President of Equus Capital Partners currently overseeing operations at the property. “We have confidence this will be a strong location for Venture X as we have seen increased demand for office space at Mid America Plaza and believe their concept will benefit from the robust demographic base in the area.”
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2020 winner of the Canada' s Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.
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For more information:
- Download property photo
- Fred Ishler, Principal, Office Leasing, Chicago: +1.312.796.0368
- Paige Korte, Associate, Chicago: +1.312.796.0447
About Equus Capital Partners, Ltd.
Equus Capital Partners is one of the nation’s leading developers and private equity real estate fund managers. Equus’ diversified portfolio consists of office, multi-family, industrial, and retail properties located throughout the United States. The firm is headquartered in the Philadelphia area with regional offices in Chicago, Los Angeles, Washington D.C., Atlanta, Raleigh-Durham, and South Florida. For additional information, please visit the company’s website at www.equuspartners.com.