When Next Realty’s President, Marc Blum, redeveloped his 80,000 square foot office building at 620 N. LaSalle in Chicago, Spaces, an IWG brand of coworking, occupied all eight floors as the sole tenant. Less than 12 months after moving into the space (during Covid-19), Spaces filed for bankruptcy.
Marc had a dilemma on his hands—keeping the asset at full occupancy. Should he consider flexible work space and run the flex office model himself? Should he find a partner? Enter Adam Showalter, Managing Partner at Stream Realty Partners (Stream), and the rest is history.
In this episode of the popular podcast Everything CoWorking by CEO Jamie Russo, Marc and Adam share the story of how they converted the Spaces buildout to flexible office space marketed via Stream’s Rapid Offices™ platform, gave the building a brand and became a leader in the evolution of the commercial office world.
IN THIS EPISODE:
- Marc describes his thought process when he learned the Spaces at 620 N. LaSalle was part of the IWG bankruptcy process. His immediate response to the situation, the solutions he considered and the pros/cons that he weighed.
- Marc shares the factors that made him believe that flex was the best use of the space at 620 N. LaSalle.
- Marc shares what the product mix looks like in the building between furnished spec suites and coworking and how the coworking is staffed.
- Adam describes the solutions powered by Rapid Offices™ and where/how it’s best deployed.
- Adam and Marc share what the partnership looks like between Next Realty and Stream.
- Marc shares what Next Realty’s approach to flex/coworking in your portfolio over the next 5-10 years.
- While the takeover is still early, Marc and Adam share what they’ve learned to provide insight with other landlords in similar situations.