|By PR Newswire||
|January 10, 2014 11:32 AM EST||
CHICAGO, Jan. 10, 2014 /PRNewswire/ -- REDICO is pleased to announce the acquisition of the historic 10 North Dearborn Building in downtown Chicago.
The national real estate development and investment company - headquartered in Southfield, Michigan - plans to renovate the 11-story boutique office building with its red stone facade in the heart of the Loop. Once known as the Covenant Club building, 10 N. Dearborn was originally constructed in 1925 and underwent extensive renovations in the mid-1980s.
The building has some 69, 000, sf of office space and more than 11,000 sf of retail space. It is home to six office tenants and to two iconic Italian restaurants, Trattoria No. 10, and Sopprafina, Marketcaffe.
With the hiring of Robert D. Horne as Senior Vice President of Investments, who will be based in Chicago, the combination marks a milestone for REDICO in entering the Chicago real estate marketplace.
"We are excited to move into the Chicago market in 2014 and broaden our Midwest base of properties," said President and Chief Executive Officer Dale Watchowski. "Considering the investment cycle and capital flow into Chicago, we think an expansion into the Chicago market at this time makes sense for REDICO."
James Solomon of Ravinia Investment Group acted as the exclusive financial advisor to REDICO. REDICO has engaged JF McKinney & Associates as listing agent and has developed plans to upgrade the building to create a high-quality office environment for existing and future tenants. Terms of the transaction were not disclosed.
In addition to 10 North Dearborn, REDICO is pursuing several other development and acquisition opportunities in Chicago. "Our core discipline is value-add acquisition and development opportunities in the office, retail and healthcare sectors," said Dietrich Knoer, Chief Investment Officer of REDICO. "When entering a new market, we are looking for opportunities in all our core disciplines and market sectors."
REDICO plans to demolish several walled offices along the exterior of the building's three vacant floors to take advantage of floor-to-ceiling windows and to create the more open layout many startups prefer, said Robert Horne.
"By opening up the floors, the building will be well-suited for creative and tech users who will benefit from this Central Loop location," Horne added. "We're going to renovate these floors and show tenants what the full potential of this building can be."
REDICO plans to use some 2,000 s.f. to 3,000 s.f. of the building for its local offices add additional employees as it buys and develops more properties in Chicago and secures property management assignments, Horne said.
REDICO is a full service real estate operating company. Founded in 1967, REDICO has established itself as a major owner and manager of institutional quality real estate throughout the United States. Through its affiliated company "American House", REDICO also is one of the largest operators and owners of senior living communities with 34 in the Michigan market alone.
In the rebounding Detroit commercial real estate market REDICO is the developer of the newest and largest retail shopping center in the city in two decades, REDICO opened the Gateway Marketplace in the summer of 2013 and will add additional retailers to the site in early 2014. Gateway Marketplace is anchored by Grand Rapids-based Meijer's first Supercenter in the City of Detroit.
The major $72 million shopping development at 8 Mile and Woodward is a ground-up development located on a 36-acre site featuring national chain stores in food, clothing and unique local service and apparel retailers. REDICO is also the developer of a 157-acre mixed-use development known as the Fairgrounds adjacent to the Gateway Marketplace location. The former Michigan State Fairgrounds site project is in the early phases of development
"We are investing in Detroit's resurgence and its future from the city limits to Downtown. REDICO has proudly been active in building commercial projects in this city for several decades and we look to take our development expertise to the Chicago market," said Watchowski.
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), will provide an overview of various initiatives to certifiy the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldw...
Mar. 28, 2017 06:00 PM EDT Reads: 815
MongoDB Atlas leverages VPC peering for AWS, a service that allows multiple VPC networks to interact. This includes VPCs that belong to other AWS account holders. By performing cross account VPC peering, users ensure networks that host and communicate their data are secure. In his session at 20th Cloud Expo, Jay Gordon, a Developer Advocate at MongoDB, will explain how to properly architect your VPC using existing AWS tools and then peer with your MongoDB Atlas cluster. He'll discuss the secur...
Mar. 28, 2017 04:45 PM EDT Reads: 371
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
Mar. 28, 2017 03:45 PM EDT Reads: 3,757
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
Mar. 28, 2017 03:45 PM EDT Reads: 4,090
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
Mar. 28, 2017 03:45 PM EDT Reads: 3,066
In his session at Cloud Expo, Alan Winters, an entertainment executive/TV producer turned serial entrepreneur, will present a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to m...
Mar. 28, 2017 03:45 PM EDT Reads: 336
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Mar. 28, 2017 03:00 PM EDT Reads: 9,601
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Mar. 28, 2017 03:00 PM EDT Reads: 2,079
SYS-CON Events announced today that Technologic Systems Inc., an embedded systems solutions company, will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Technologic Systems is an embedded systems company with headquarters in Fountain Hills, Arizona. They have been in business for 32 years, helping more than 8,000 OEM customers and building over a hundred COTS products that have never been discontinued. Technologic Systems’ pr...
Mar. 28, 2017 02:15 PM EDT Reads: 3,642
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
Mar. 28, 2017 02:15 PM EDT Reads: 2,171
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Mar. 28, 2017 02:00 PM EDT Reads: 14,240
SYS-CON Events announced today that Auditwerx will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Auditwerx specializes in SOC 1, SOC 2, and SOC 3 attestation services throughout the U.S. and Canada. As a division of Carr, Riggs & Ingram (CRI), one of the top 20 largest CPA firms nationally, you can expect the resources, skills, and experience of a much larger firm combined with the accessibility and atten...
Mar. 28, 2017 01:31 PM EDT Reads: 286
What if you could build a web application that could support true web-scale traffic without having to ever provision or manage a single server? Sounds magical, and it is! In his session at 20th Cloud Expo, Chris Munns, Senior Developer Advocate for Serverless Applications at Amazon Web Services, will show how to build a serverless website that scales automatically using services like AWS Lambda, Amazon API Gateway, and Amazon S3. We will review several frameworks that can help you build serverle...
Mar. 28, 2017 01:15 PM EDT Reads: 2,189
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
Mar. 28, 2017 01:15 PM EDT Reads: 1,611
SYS-CON Events announced today that HTBase will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. HTBase (Gartner 2016 Cool Vendor) delivers a Composable IT infrastructure solution architected for agility and increased efficiency. It turns compute, storage, and fabric into fluid pools of resources that are easily composed and re-composed to meet each application’s needs. With HTBase, companies can quickly prov...
Mar. 28, 2017 12:45 PM EDT Reads: 3,127