North Wells Capital, the investment affiliate of Chicago-based Urban Innovations Ltd., broke ground recently on an expansion/rehabilitation at 306 W. Erie in River North.
The expanded and renovated property, which will total 93,535 square feet, will be part of Verso, a creative office campus that will also include 311 and 320 W. Huron. The Verso campus will span more than 500,000 rentable square feet when completed.
North Wells acquired the existing 45,000-square-foot building at 306 W. Erie in May 2017, with plans to more than double its size. “We’re extremely excited about this project, as it preserves the traditional brick-and-timber construction, but also provides state-of-the art amenities and infrastructure that appeal to River North’s business and resident community,” said North Wells CEO Jim Fox.
ARCO/Murray is acting as general contractor on the development. JLL is the leasing agent for the building and Urban Innovations will continue providing property management services.
