Related Midwest today announced the selection of Savills Studley, a leading commercial real estate advisory firm, to identify commercial tenants for The 78. The 78, a 62-acre undeveloped parcel of land in downtown Chicago, will be transformed into a vibrant mixed-use community that will include residences, boutique retail options, curated restaurant offerings, cultural institutions and 4 million square feet of office space that will be home to major companies and organizations. It will also be home to Discovery Partners Institute, a public-private research center that will attract and educate top talent from around the world.
“Savills Studley works on behalf of tenants, and that’s exactly why we’ve engaged their organization: for their deep understanding of what businesses want and need in the workplaces of the future,” said Curt Bailey, President of Related Midwest. “The 78 is a blank canvas in the heart of the city, and that gives businesses a truly rare opportunity to design office space that is co-located with a major technology hub, residences, cafés, restaurants, entertainment and vast green space—right downtown on the banks of the Chicago River. There may never be another opportunity like this in Chicago.”
The 78 is the most unique greenfield site in the downtown Chicago marketplace. The 62-acre site creates a virtually boundless opportunity giving users a direct connection to the central business district, riverfront access and the opportunity to create a bespoke campus environment. The development will incorporate world class design and architecture, thoughtfully master-planned to be both tranquil and energetic, ideally configured to meet the needs of the most discerning corporate tenants while providing the community access to new amenities for recreation, relaxation and enjoyment. The development will include an activated riverfront with restaurants and entertainment, substantial park and open public area, the Discovery Partners Institute, hotel accommodations, all contained within an environment with residential-level appeal.
The site will feature a half-mile, 100-foot-wide riverwalk that extends Chicago’s famous riverwalk from downtown. An innovative site design, from the mind of master plan designer Phil Enquist of Skidmore, Owings & Merrill, will enable businesses to create a horizontal campus within a “sidescraper” building that opens onto the 7-acre park and provides direct pedestrian connections to the riverwalk.
“For businesses drawn to the energetic environment of downtown, The 78 is an ideal chance to create a workplace that attracts top talent, whether from the Discovery Partners Institute, from across the Chicagoland area, or from around the world,” said Robert Sevim, Vice Chairman of Savills Studley. “Savills Studley has extensive experience engaging corporate tenants who are seeking compelling environments, such as The 78, where they can design a workplace experience that positions their business for the best possible recruiting and retention opportunities with world class amenities along the Chicago River.”
The Discovery Partners Institute, a world-class research and innovation center, will serve as the major technology research hub in the Midwest and attract talent from around the world. The 78 will knit together the surrounding neighborhoods of the South Loop, Chinatown, Bronzeville and Pilsen by creating new roads, bike paths, a new CTA Red Line station at Clark Street, walking paths and waterfront access, helping to build a connection between downtown Chicago and Chicago’s South Side. The 78 will support the local economy, creating more than 10,000 jobs with a strong focus on hiring local minority and women owned businesses.
For more information about the 78 visit, www.78Chicago.com. To inquire about this unique corporate environment, contact Robert Sevim or Joe Learner at 312-595-2900.