Matt Garrison, managing principle of R2, a Chicago-based developer, announced that his company is planning to convert a 300,000 square-foot warehouse into office space. He said when the space in Pilsen is done it will be one of the largest office projects completed outside the Chicago central business district.
As of today R2 has the potential for a deal with a group of investors headed by Raymond Chin who own the five-floor vacant structure located at 465 West Cermak Road, along the river.
R2 has been rapidly looking for projects to develop non-traditional office locales, and its venture into Pilsen is just the latest on the Near South Side of Chicago.
Garrison explained that R2 is constantly looking for new areas for innovative offices as a response to the high cost of property in other areas of Chicago.