Workbox and Fairgrounds commit to office and retail spaces in River North redevelopment
North Wells Capital and Urban Innovations announced that Workbox Coworking Company, a collaborative coworking center and start-up accelerator, signed a long-term, full-floor lease for 15,295 square feet at 306 W. Erie in Chicago. The building has now reached substantial completion of its expansion and redevelopment, and it is ready for full occupancy.
Workbox is projected to occupy the space mid-2021. The Workbox lease announcement is coupled with the commencement of construction for the street-level Fairgrounds Coffee & Tea, which has a planned opening in mid-2021 and will be the brand’s sixth location in the Chicagoland area, and ninth location nationwide.
“Workbox’s unique business model is the perfect way to kick off the office leasing at 306 West Erie as it epitomizes the innovation and collaboration we hope to foster within the Verso Collection, and allows us to more appropriately respond to our tenants’ ever-changing needs,” said Tony Lindsay, principal at North Wells Capital. “We are looking forward to welcoming a vibrant mix of new tenants into an exceptionally built, safe and modern space built for a better tomorrow. We are confident that the neighborhood and building environment will inspire and facilitate their return to work.”
Beyond office space, Workbox offers direct access to a range of investors and lenders, vetted strategic advising through experienced mentors and professional specialists, as well as an unparalleled community of growing businesses. Fairgrounds Coffee & Tea will occupy the corner retail space at 306 W Erie, providing an amazing amenity to the neighborhood, building occupants and Verso as a whole.
306 West Erie is part of Verso, a three-building collection designed as a community hub in Chicago’s River North submarket. Initially purchased by North Wells in 2017, the firm has completed a renovation and expansion of the property that nearly doubled the building’s size, replaced all building systems—inclusive of dedicated and tenant controllable HVAC with advanced ventilation, and added amenities such as a sixth-floor tenant lounge and gaming area, an outdoor landscaped terrace equipped with a fire pit and a walkable decorative communicating stair allowing for easy access to and between all floors. Verso’s other proposed buildings are nearby 311 W. Huron and 320 W. Huron. JLL is the leasing agent for 306 West Erie and the entire Verso portfolio. Mellissa Rubenstein represented North Wells Capital in the Workbox lease.
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