KBS Signs 16,995 Square-Foot Long-Term Lease Agreement with Global Manufacturer at 155,385 Square-Foot Office Property in Chicago, IL

 

213 West Institute Place, a seven-story,
 155,385 square-foot office property
River North neighborhood
 downtown Chicago, IL

CHICAGO, IL – KBS, one of the largest investors in commercial real estate, has signed a 16,995 square-foot long-term lease agreement with LifeSpice Ingredients, a global research, developer and manufacturer of proprietary seasoning blends for the food industry, at 213 West Institute Place, a seven-story, 155,385 square-foot office property in the highly desirable River North neighborhood of downtown Chicago, IL

Marc DeLuca

213 West Institute Place is owned by KBS Growth & Income Real Estate Investment Trust. 213 West Institute Place is located at 213 West Institute Place in Chicago, Illinois.

 “213 West Institute Place is a unique Chicago asset that offers tenants a great location and a unique combination of contemporary and retro setting,” says Marc DeLuca, Eastern regional president for KBS.

 “Design and location-wise, it is the kind of building where discerning tenants in this market like LifeSpice Ingredients want to be located.”

 

Directly across the river from the Loop, the River North section in which the property is situated is home to dozens of high-end art and design galleries, dining establishments, luxe shops, high-end cocktail bars and nightlife spots. 

Dan Park

The area offers a unique aesthetic of art galleries tucked away in former warehouse buildings and features the Chicago Riverwalk promenade.

 

213 West Institute Place is located within steps of Chicago’s elevated train service, several bus stations, Divvy Bike ports, two parks, restaurants, coffee shops, grocery stores, spas, fitness centers and hotels.

 

“Along with this building’s eye-catching design is its close proximity to shopping and services, dining, hospitality, entertainment and transportation,” says Dan Park, asset manager for 213 West Institute Place and senior vice president of KBS. “It’s the walkability, convenience and visual appeal that so many Chicago office users are seeking.”

Peter Garvey

“213 West Institute is in a beautiful neighborhood with plenty of dining options, public parks, and quick access to public transit. LifeSpice thrives in a space that promotes creativity and the building checks all of our boxes for amenities, design, and function that we want and need in a new office space,” says Peter Garvy, president of LifeSpice Ingredients.

 Scott Sessa (ssessa@askameritus.com) of Ameritus represented KBS in the lease transaction.

 

“The improvements KBS has implemented to 213 West Institute Place have elevated it to a best-in-class brick and timber building that has made a name for itself in downtown Chicago,” says Sessa.

 

CONTACT:

ARLEENY ESCARCEGA Associate Account Manager The Smart Agency, Inc.   O 949 438 6262 Ext. 0 | C 714 552 5845 E aescarcega@thesmartagency.com |  W thesmartagency.com HQ 220 Newport Center Drive, Suite 22, Newport Beach, CA 92660