Crate and Barrel leases space at The Fields in Chicago
Merit Partners and Cushman & Wakefield said that Crate & Barrel has leased 117,000 square feet of office space at The Fields redevelopment in Chicago.
Crate & Barrel plans to utilize the space for photo and video production and will continue to operate from its Northbrook headquarters.
The Fields is a 22-acre, 1.5 million-square-foot redevelopment of the former Marshall Field's campus located at 4000 W. Diversey, and is part of the Logan Square neighborhood.
The six-story loft building, now known as The Fields, was built in 1928 by Olson Rug and then in 1965 was acquired by Marshall Field and Co. The project went vacant in 2008 before 4K Diversey Partners LLC, a partnership of Louis Silver, Aaron Paris and Paul Fishbein, acquired the complex.
Merit Partners, as the developer, commenced a massive mixed-use redevelopment in January 2014. Merit has brought the property back to life, creating a new building in a historic shell. The project contains 700 indoor, heated parking spaces; 300,000 square feet of office/tech/studio space (183,000 square feet still available); 123 residential rental lofts; 100,000 square feet of retail space, including the flagship Cermak Fresh Market; a 125,000-square-foot Cubesmart Self Storage business; and a 400,000-square-foot warehouse anchored by Studio 41.
“The Crate and Barrel lease represents a transformative milestone for all stakeholders,” said Paul Fishbein of Merit Partners. “With Crate and Barrel anchoring the office portion of the building, we look forward to securing other companies looking for creative tech space at cost effective rents. We're fortunate to have a company like Crate & Barrel help us propel this project forward into the future.”
Cushman & Wakefield's Barbara Schenberg and Teddy Walsh represented the owners, 4K Diversey Partners LLC., while Steve Schneider and Andy Heymann, also of Cushman & Wakefield, represented Crate and Barrel.