New Chicago Loop Apartment Building Becomes Temp Corporate Housing

Chicago--Oakwood Worldwide, a temporary housing specialist, has obtained a master lease for a new 42-story downtown Chicago apartment building.

Chicago–Oakwood Worldwide, a temporary housing specialist, has obtained a master lease for a new 42-story downtown Chicago apartment building at the corner of Lake and Wells, which will be called Oakwood 200 Squared going forward. Midwest Property Group and the Indure Fund, the building’s owners, inked the deal with Oakwood this week; neither party disclosed the terms of the lease.

The property, which was completed in October 2010, includes 329 studio, one- and two-bedroom furnished and unfurnished units. As Oakwood 200 Squared, the property will offer amenities designed to appeal to employees on long- and short-term assignments, including a full-sized washer and dryer, full kitchens, and floor-to-ceiling windows. Hotel-like amenities include a concierge, 24-hour doorman and business center, and free Wi-Fi in common areas.

Other amenities include a full-length indoor swimming pool and fitness center with locker rooms, gas grills on the sundeck area, and pet accommodations. The property was also designed to be eco-friendly, and includes Energy Star appliances, water-saving plumbing fixtures, electric car chargers in the self-park garage, bike rental and storage, a green roof, and pending LEED certification.

“We regularly work with our clients to assess their needs, and they are requesting newer, more modern accommodations,” a spokeswoman for Oakwood Worldwide tells MHN. “This new building satisfies that demand in Chicago’s Loop.”

She adds that the timing was right for Oakwood to expand its portfolio in Chicago. “This was the last new building to complete construction that was available in Chicago,” the spokeswoman notes. “The pipeline and construction reports we’ve seen aren’t showing any new buildings coming online over the next few years.”

Oakwood recently added inventory in London with a master lease of a new 48-unit apartment building in Farringdon/Clerkenwell, in the City of London, one of the newest and largest residential developments in the area. Over the next 12 months the company says it plans to obtain more master-lease properties in the United States and internationally to supplement its current portfolio of 35 buildings.