AmTrust RE Unveils $50 Million Capital Improvements Plan For Two Marquee Chicago Office Properties; Stream Realty Partners Tapped To Lease Full Portfolio

Chicago, Illinois
September 28 4 min read

AmTrust RE, a national real estate owner-developer of commercial, mixed-use and residential properties, today announced plans for a $50 million capital improvements program at two of its Chicago office properties, One East Wacker and 33 North Dearborn.

Additionally, AmTrust has enlisted Stream Realty Partners to manage leasing for its complete Chicago office portfolio, including properties such as One East Wacker, 33 North Dearborn, 111 East Wacker and 233 North Michigan.

The improvements at One East Wacker and 33 North Dearborn will provide tenants with a complete hospitality-inspired setting, offering remarkable amenities, modern finishes and furniture, and elevated conveniences. This initiative marks the initial stage of the company’s $100+ million commitment to upgrading its Chicago portfolio, which was previously announced.

“As Chicago’s office market landscape continues to evolve, AmTrust recognizes that today’s corporate decision-makers are investing in exceptional workplace environments, which can spur collaboration, innovation and success,” said AmTrust President Jonathan Bennett. “To this end, AmTrust is launching the first phase of a $100+ million capital improvements program and has assembled a tremendous group of industry professionals, each of whom has worked tirelessly to develop, evaluate and execute comprehensive plans for these properties. By initiating this program at One East Wacker and 33 North Dearborn, we’re proud to showcase our commitment to maintaining our position as a leading provider of premier office and mixed-use spaces throughout the city.”

One East Wacker

One East Wacker has a prominent presence overlooking the Chicago Riverwalk, Michigan Avenue’s Magnificent Mile and River North. AmTrust will upgrade the property’s exterior and entrances along both Wacker Drive and State Street, create multiple spec suites and fulfill a corridor and restroom renovation program throughout the tower’s 540,000 square feet. Additionally, the company will execute the following:

  • Comprehensive lobby renovation: Envisioned by Chicago-based Eastlake Studio, the hospitality-inspired lobby will feature a more free-flowing floor plan to accommodate increased foot traffic, as well as modern finishes, a ground-floor tenant lounge and a residential-style mailroom where tenants can receive packages and meal deliveries.
  • Creation of a comprehensive amenity floor: One East Wacker’s second floor will be transformed into an expansive amenity level overseen by wellness amenities management service, Lulafit. It will include top-of-the-line equipment, personal training, towel service, a fitness class area and spacious locker rooms. Furthermore, a new double-height lounge and bar with views of the Chicago River, along with conference solutions, lounge and workspaces, will offer dynamic options for meetings, events or daily business needs.
  • Significant renovations to the top-floor lounge: The 41st floor will receive new furniture, fixtures and equipment to complement the existing tenant lounge and 360-degree observation deck with captivating views of Downtown Chicago.

33 North Dearborn

33 North Dearborn is situated within the Central Loop and conveniently linked to the nearby L stop, underground Pedway, Daley Center, Block 37 and Millennium Park. Improvements to the 330,000-square-foot property include:

  • Renovating and expanding the fourth-floor conference center to double in size
  • Creating an outdoor tenant roof deck, adjacent to the fourth-floor conference center
  • Enhancing building conveniences, such as expanding the bike room to cater to a growing number of users
  • New ground-floor retail offerings
  • Aesthetic upgrades to the building entrance, signage, lobby and elevator cabs
  • Multiple new spec suites
  • Revamped corridors and restrooms

In addition to Bennett and Chicago Managing Director Patrick Kearney, who joined AmTrust in 2021 and 2022, respectively, the repositioning program is supported by several new AmTrust employees based in Chicago and New York including Chief Accounting Officer Karen Katsoff; Construction Director Rubin Bendelstein; Senior Project Manager Zack Osborne; Project Manager Gianna Scarsella and Associate Oliver Jackson.

The improvements have already served as a catalyst for leasing activity across AmTrust’s portfolio. Most recently, leading private equity firm Shore Capital Partners announced the renewal and 16,000-square-foot expansion of its existing lease at One East Wacker, bringing the company’s total footprint at the property to approximately 55,000 square feet.

“This venture illustrates AmTrust’s commitment to elevating the tenant experience across our portfolio and our belief in Chicago’s resilience and growth,” said Kearney. “With a highly anticipated office-to-residential conversion planned for 135 South LaSalle, we’re in the midst of a transformative moment for our Chicago portfolio. As we launch this capital improvement program, we’re excited to level up our offerings to create high-quality spaces where companies and their employees can thrive. We’re also pleased to welcome Stream to lead leasing efforts across our Chicago Portfolio.”

Stream, a national commercial real estate firm offering an integrated platform of services, has a growing core office in Chicago that leases more than 20 million square feet of office space in the region. Stream Chicago Executive Vice Presidents Mark Gunderson and Wendy Katz and Vice President Erica Marshall will serve as leasing agents for the AmTrust office portfolio. Gunderson and Katz bring nearly five decades of combined experience in the Chicago commercial real estate market. They were recruited to Stream in 2021 along with six other seasoned brokers who have helped build a robust transaction and services business in the region. Marshall joined Stream in August with nearly 12 years of Chicago CRE experience.

“We are very excited to have been chosen to represent AmTrust and its significant office portfolio across Chicago,” Gunderson said. “In these times, it’s important for landlords to invest in creating collaborative and innovative workplaces that are necessary for buildings to stay relevant. AmTrust’s visionary management and commitment to its multi-million-dollar capital improvements program will allow us to unlock the full potential of these assets. We look forward to finding the new tenants who will experience and enjoy what the future of office truly should be in Chicago.”

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