In Chicago, Brookfield Properties Restores the Rich History of a Beloved Icon

August 8, 2019 –– Brookfield Properties announced today an innovative commercial real estate redevelopment of one of America’s most iconic buildings: the transformation of the top six floors of...
Marshall Field and Company Building

August 8, 2019 –Brookfield Properties announced today an innovative commercial real estate redevelopment of one of America’s most iconic buildings: the transformation of the top six floors of Chicago’s fabled former Marshall Field and Company Building and current home of Macy’s at State Street, into an ultra-modern office workplace community located at 24 East Washington.

The project, set to open in 2020, will include a multi-million dollar investment and will pay homage to the building’s storied past. The redevelopment is creating distinctive, premium office space in the internationally renowned building located in the city’s booming downtown Loop.

Brookfield Properties is a fully-integrated, global real estate services company. Its plans include creating a new lobby and entrance to the 14-story building at 24 East Washington Street. A bank of 14 new elevators will transport future office employees to the top six floors, which encompass 650,000 square feet collectively. The building will offer some of the largest floor plates available in the city, ranging from 110,000 square feet to 130,000 square feet, creating the opportunity for tenants to design a modern and efficient layout.

In addition to designing the floors into ultra-modern workspaces, Brookfield Properties’ efforts entail upgrading the floors’ infrastructure, including heating, air conditioning and plumbing. The project will be designed and constructed with the goal of earning LEED (Leadership in Energy and Environmental Design) Silver certification.

The project’s premium office workspaces will be accompanied by an array of amenities totaling more than 65,000 square feet. Amenities include a 40,000-square-foot fitness center that will be open to the public, a 10,000-square-foot rooftop garden, tenant amenity lounge and a conferencing center.

In connection with the Class L Tax Incentive status obtained for the building, the redevelopment plans comprise a multi-million dollar exterior restoration program, a comprehensive window refurbishment program, façade cleaning and the rehabilitation of entrance canopies and skylights, as well as masonry and terra cotta repairs throughout the building.

In 2018, Brookfield purchased the top six floors from Macy’s, which has owned the century-old-and-counting landmark building since 2006. Macy’s will continue to operate its flagship store — Macy’s on State Street — on the building’s first seven floors, creating a dual ownership of the beloved structure at 24 East Washington Street.

“The building’s rich history and deep connection to the city of Chicago make this redevelopment an extremely unique opportunity to create a one-of-a-kind office environment in a building with such a storied past,” said Alex Antolino, Director of Mixed-use Development for Brookfield Properties.

Brookfield Properties is partnering with Chicago-based firms Clayco, Lamar Johnson Collaborative and The Telos Group to assist in the restoration and leasing of this Chicago landmark.

“Working with a world-class developer like Brookfield Properties on an iconic project blocks away from our office is a tremendous opportunity for our company,” said Bob Clark, Chairman and CEO, Clayco. “Clayco is thrilled to be part of the team revitalizing this classic building as the design builder.”

The renovation will open the top six floors to the public for the first time since the building opened in 1893. Marshall Field and Company had historically used these floors for making furniture, clothes, and its executive offices.

The building’s existing architectural features will provide tenants with a built-in ambience of grandeur, style and beauty, including 15- to 28-foot-high ceilings, oversized windows and grand atriums that flood the floors with natural light, and overall stunningly crafted workmanship accented with 19th Century artistic design flares.

Designed by the highly regarded D.H. Burnham & Company architectural firm, the building has been designated a National Historic Landmark and City of Chicago Landmark. It is also listed on the National Register of Historic Places.

For leasing information, please visit: http://www.telosgroupllc.com/24-e-washington/.

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ChicagoCommercialDealsDevelopmentMidwestNationalOffice

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