Urban Innovations Sees Greektown Progress

CHICAGO—In June, GlobeSt.com reported that Chicago-based Urban Innovations, a company with deep roots in River North, had repurchased, for about $14 million, several office buildings in the West Loop’s Greektown neighborhood that the firm had sold to an out-of-town investor in 2005 for about $18 million. The out-of-towners had suffered during the recession, and their lack of capital helped push the buildings into decline, and by the time bank took over, the vacancy rate hit 30%.

Since June, however, company officials say they have signed several leases which have boosted occupancy at the 60,000-square-foot 833 West Jackson Blvd. by 20% and another two leases at the 90,000-square-foot 322 South Green St., an adjacent building, which boosted occupancy there by 17%.